Bitcoin short term update
The setback overnight from the 38000 area (D) could not even get back to 23.6% (A). The rally from there took it up to 39300 (2), this is 78.6% of the recent range. The target on a break from 78.6% is 78.6% the other way, per the ONE44 Fibonacci rules. That target is 34800 (3). As always we will watch all the retracements on any setback to see just how strong, or weak the market is. Any break that can't get below 38000, keeps the short term very positive. This is not only the swing point for the day and close, but also 23.6% of the current rally, however it would have to take out 38.2% (4) to turn the trend negative. As for what is above 39300 you will have to go to the long term outlook.