The rally in Bitcoin from the major Gann timing on 3/13/20 has now hit the upside target area of the 7600 major Gann square and 38.2% back to the 6/26/19 high, this is 7700. The two setbacks that the market had on the rally from the low both hit key retracements (on chart below), the first held 38.2% and went on to new highs and the second was at 23.6% sending it to the current target area. The target on a break from 38.2% based on the "38.2% rule" is that they should should go back and make a new low. A target to look for on that break would be 5400 it is a major Gann square and 61.8% back to the timing low. As always on any break from this level we will watch all the retracements, if the break can only get back to 38.2% at 6262 it would be a positive sign, holding above 6800 would be a very positive sign and you should look for new highs for the move. With a couple closes above 7700 (38.2%) the next target area becomes 61.8% back to the 6/26/19 high, this is 10,000 and the major Gann square at 10,400.

Bitcoin Daily