After correcting 26%, Bitcoin comes back testing historical top
Less than 1 month after reaching its maximum price hike, Bitcoin has already corrected 26% and has now returned to test $ 58,380 to its historic top.
Graph by TradingView
Bitcoin Graphical Analysis
Analyzing the graphical time of 4 hours, we see the BTC test its ATH again. There are 2 points there:
1 – If it breaks, we need to do a fibonacci extension to see the next targets. this is done using a fund at the back of around $ 29,800. A projection target of 61.8% plays around $ 61000 and 100% goes on $ 72,156. (That would be very welcome!)
2 – If it doesn’t break and start a stronger correction, we can have a big double top being the first target at the bottom vertex around $ 43,800 and the bigger target on the same bottom down there in $ 29,800.
This hypothesis 2, for this year of institutional entry into the crypto market, the pandemic and the dollar crisis is more unlikely to happen. As for the vertex correction at $ 43.8k not so much, it is quite possible and maybe even healthy.