BTCUSD: Held the 0.5 Fib, the Golden standard of this Bull Cycle

11 Jul

BTCUSD hit last week the 0.5 Fibonacci level coming off the recent Low (Jan 22nd) and held it. This makes it the new support level and technically keeps the outlook on the 1W timeframe neutral (RSI = 48.770, MACD = 4105.800, ADX = 40.148), which is encouraging. The reason is simple and has to do with Bitcoin's behaviour from the very start of the current Bull Cycle since November 2022.

You can see on this chart that every correction was contained at or above the 0.5 Fibonacci level. More specifically we have had another three such events, two hit the 0.5 Fib and rebounded and one the 0.382 Fib. This makes last week's low a strong bottom candidate. Bitcoin's major bullish waves during this Bull Cycle have so far been three and rose by +100%, +95% and +90% respectively (first to last).

Another 'modest' rise of +90% will hit the 100k psychological level and can technically take place before this year is out.


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