The short term target for BTCUSD is 4700 according to the Fib retracement.
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We successfully tested the Fib level .5 (3500) and move toward Fib level 1 (4040) which is the first resistance.
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Everything looks good so far and we expect the range 4400-4700.
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If you will look at the BTCUSD dashboard you will see that the sentiment is extremely bearish. I consider the current situation as a consolidation phase needed to cool off and natural after a significant rise.
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We have a consolidation in the range of fibo 0.786-1. It may continue for a couple of days.
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The price dynamics looks threatening. We had a support at fibo 0.618 (3684) for now, but need to see if we will break through the blue trend line.
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We are in wave v of wave 3 of cyle wave V. Next target range is 4550-4900.
