The coronavirus in China, which had an impact on the market of the most important assets, oil and gold, the revitalization around the creation of CBDC, reinforcing the legitimacy of cryptocurrencies, and the uncertainty of the upcoming halving, all these factors encourage traders not to miss the chance to make money on Bitcoin in the current situation.
Traders who use the Elliott Waves use the Fibonacci extension in their trading strategies to determine to Take Profit Points.
Analyzing the further behavior of Bitcoin, bitcoinerx.com analysts, based on the use of the Fibonacci extension tool, show potential growth points. Today's price of $9,065 is approaching the level of 38.2 percent ($9,259) - the maximum wave of fluctuations, which could be the first point of Taking Profit.
If the bullish momentum will overcome the next level of expansion - 50 percent ($9,591), the resistance level will rise to $10,400. Full Fibonacci expansion is fixed at $11,000.
At the same time, the 1000 SMA is still below the long-term 200 SMA. This suggests that the resistance vector is directed down, which means that the probability of sales is higher than purchases.
However, the narrowing gap between 100 SMA and 200 SMA indicates a bearish impulse, and the position of the price line above 200 SMA signals an increase in bullish pressure.
The relative strength index (RSI) and stochastic indicate the advantages of buyers, but both are approaching the overbought zone.
At the same time, optimistic analysts argue that having overcome the level of $9,000 and going beyond the falling wedge-shaped price chart, BTC still goes up.