1 min read

Bitcoin Update

BTCUSD is $150 shy of the long term target at 16,300, this is 78.6% back to the all-time high. A break from this area can take them back to 38.2% of the 12/17/18 low, this level is 11,180. As always we will watch all the retracements on any break and if all they can get down to is 23.6% of the same move at 13,000 the market remains very strong, this is also a major Gann square. For tighter support use the 9/9/20 low to retrace back too, look for support at 23.6% at 14,600 and 38.2% at 13,770. Being that 16,300 is such an important level, once they can get a couple close's above it, it will become the long term swing point and the long term target will be 24,500. Before this long term target you can look for each major Gann square to give some resistance, these are,17250, 18,900 and 20,750. When and if they get up to and through each of these major Gann square you can use them as short term swing points.