Update on Bitcoin

After the recent pullback to a near 38.2% Fibonacci pullback that we talked about in our last technical update, Bitcoin decided to break recent highs, still moving and inching towards the $5,000 mark. Wow.

Currently BTC is doing nothing more than making higher highs, continually. An option to scalp or spot trade your way into the long might come at one of the more recent Fibonacci pullbacks. In general there is nothing pointing to any downward momentum and any entries should be with the prevailing trend at the moment which matches the long-term trend, and only buy positions should be had.

Any pullback sets it set up for a test of some decent support around the $4,400 level. At this point in trading, it’s just watching a lot of higher highs happen. If we see any changes in trend we’ll post a future update. For now, just ride the waves and watch for pullback and higher highs, overlapping any Fibonacci levels will maximize any scalp into a spot/swing trade position.

• Recent Fibonacci pullback levels for potential longs and visualization of recent higher highs with the arrows on the chart