As we approach another week, the frustration grows that bitcoin and ethereum are still struggling to reach higher. I switched the chart from the 1D to a 12H timeframe, so the individual spikes and movements can be seen better.
Additionally, I activated the 1.618 extension in bitcoin which highlights another resistance at 28’720$. For more than two weeks now we are trading inside this red Fibonacci zone and until now we are lacking bullish momentum which is needed to extend the projected bullish wave (iii) with its target at 35’436$.
I have considerable experience in trading cryptocurrencies, and I know that such times of consolidating prices and low volume are absolutely normal. However, it is of great importance to know, that with every additional day of the ongoing consolidation the probability of the marked alternative (alt. (1) – alt. (2) grows. Because of this I have to add this bearish scenario to the chart, this may be unsettling for some investors, but unfortunately it is my duty to observe such scenarios and warn our followers about them. As of now the important level for a bullish continuation of wave (iii) is at the 1.618 extension or 28’720 and our alternative of another bearish wave (2) gets activated most likely at the 1.236 extensions or 26’565$.
The goalpost is set, don’t get frustrated about the current consolidation and have a nice Sunday evening!
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$