Bitcoin (BTC/USD) made a bullish bounce at the 38.2% Fibonacci retracement support level. Is it time for a continuation of the uptrend or will the pattern expand into a complex correction?
Price Charts and Technical Analysis
The BTC/USD remains in a strong uptrend. The long-term moving averages have a bullish angle and are all aligned to the upside. The bullish bounce at the 38.2% Fibonacci level could indicate the end of a wave 4 (purple). But price action would need to bounce at the 144 ema or break above the resistance trend line. A bullish continuation is then expected to develop soon.
A break below the 144 ema could indicate an expanded wave 4 (blue) at a new low. In that case the head and shoulders pattern (red boxes) could push the price lower. The 50% Fibonacci level is another support zone. Only a break below the 50% Fib and other Fibs would make the bullish outlook less likely (red x). The wave 4 can also turn into a contracting triangle, which would mean another wave C, D, and E before the uptrend continues. The -27.2% target is at 13,350 and the -61.8% Fib target is at 14,500.
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