CONTENTS
Overview of this week
Bitcoin (BTC)
First let's focus on the recent movement of Bitcoin since last week. Following the test of the red horizontal neckline of the black head and shoulders bottom pattern, Bitcoin has experienced a strong week, reaching another yearly high and surpassing the 30k mark.
To identify key resistance levels in the upward direction, Fibonacci retracement levels have been utilized:
The $33k level corresponds to the 0.5 retracement level.
The $39k level aligns with the 0.618 retracement level.
The $50k level corresponds to the 0.786 retracement level.
The $69k level represents the 1.0 retracement level, which is the current all-time high (ATH).
The $98k level aligns with the 1.236 extension level.
The $128k level corresponds to the 1.414 extension level.
Finally, the $173k level represents the 1.618 extension level, also main target on higher timeframe.
Exit strategy:
Given the expectation of exponential growth in BTC over the coming months, here is a possible strategy to exit positions: