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Bitcoin Update

This is an update to the previous outlook on 7/8/20,Bitcoin continues to hold the long term swing point of 8850 and now is above 38.2% back to the 6/2/20 high, this is 9440. Provided they can get a couple close's above there look for a retest of 61.8% back to the 6/26/2019 high, this is 10,050. The long term target from this level remains at 6380, as mentioned in the previous update below. Once they can get a couple close's above 10,050 the target becomes 11,720. For shorter term trades you can use the secondary Gann squares posted on the chart below, they are marked by the yellow horizontal lines. They can be used as support and then resistance when taken out and the reverse when they are resistance to start.


The long term target on the break from 61.8% at 10,050 remains at 6380, this is based on the 61.8% rule. The break from this area has also held 23.6% of the rally at 8850. So, they are now caught between two major levels. Every setback on the rally from the 3/13/20 low has held either 38.2% (once) or 23.6% (3 times) so far. You can now use 8850 as the long term swing point. We will watch all the retracements on any rally from here and the first level is 38.2% at 9440, if this is all they can get up to, it will be a negative sign. With a solid close below 8850 look for the long term target of 6380 (61.8% rule). Also watch for support at the 8440 major Gann square and the 200 day average at 8340. With a solid close above 9440 (38.2%),look for 61.8% back to the 2019 high, this is 10,050. It will take a solid close above here to give us a new upside target of 11,720.