Bitcoin keeps going on and on. On Christmas Day one new ATH, Christmas Day two another ATH and yesterday it went over again and broke the 28K. Targeting becomes more difficult when there is no historical data. The only handhold we have are the extended Fibonacci levels. There are two I am looking at right now. The green circles indicated move down is over the extended period and the wave down indicated in gray is the last inpulse wave down.
You can see that the levels are divided with respect to each other. Chances are that these levels will be taken advantage of and we can see a retrace on the chart.
Here, too, we see that the rise has gone tremendously fast. BTC has deviated from the parabolic trend line and seems to be falling almost backwards at the moment, that is how straight it has gone the last few days.
The rsi is also experiencing resistance from the trend line and support from the ema and 50 line. Whether this also falls under bear div I do not know. If you would draw a trend line over the candle bodies it would also be very straight. Let's zoom in further to get an idea of what the day(s) can bring us at the end of the year.
On the lower timeframe, Bitcoin is in a bull flag where the net has been rejected from the upper trend line. The first local support we see is the order block of the 4h graph in yellow with the daily order block underneath it.
The ema's are bullish and there has just been a first back test on the ema55. A back test on the ema100 is not out of the question and would match the bull flag trend line. The rsi is already below the ema and has trouble staying above the 50 scale line. The lbr seems to want to cross both bearishly at the moment.
Conclusion: Longterm we can be brief about that I am bullish about it. But in the short term we could go to the 4h orderblock around 25K. And even through to the daily order block 22.8 - 24.2 could be a possibility. The daily Fibonacci levels correspond with the orderblocks. For example, the 0.5 confluence with the 4h orderblock and the entire golden pocket falls over the daily orderblock. If BTC loses support there as well, there is the horizontal level at 19418 dollar.
As mentioned before, the Fib extended levels are the places where I am going to take at least some profit.
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