Current price: 43700
Key point: 40,000
Our preferred direction: buy positions at the highest levels of 40,000, targeting 45,700 as the first target, then 48,400 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 40,000 level, targeting 35,000 levels
Technical commentary
Bitcoin rose strongly during the past three months of trading, above the rising price channel from the bottom of last January and above the support levels 32500-31400 and then breaching the pivotal resistance levels of 40000.
It is expected that the bAT proactive harmonic pattern will continue to rise with an 88% Fibonacci retracement rate at the 48400-45700 levels.
