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Bitcoin: Potential Target of USD90,000, as Momentum Continues

 

An analysis of Bitcoin CME Futures on a daily timeframe. 

  1. Relative Strength (aganist Gold): The indicator is moving upward. This indicates the current uptrend has room to continue before potentially becoming overextended.

  2. Fund Flow Index: The is positive values indicate buying momentum, while the increasing bars suggest growing bullish momentum.

  3. Key Fibonacci Levels:
    1.618 extension around $74,415 (acting as previous resistance).
    2.618 extension at $78,290 (potential short-term resistance).
    A major target near $90,000, aligned with the 4.236 Fibonacci level.

  4. Price Target and Resistance Zone:
    A significant price target is set at $90,000, highlighted in green. This zone aligns with a 4.236% Fibonacci level and Range Projection. This could also act as a resistance if the price approaches it.

Summary:
The overall trend appears bullish with momentum indicators supporting an upward movement. Current breakout could lead to a test of the $90,000 level. However, if the price falls below $67,000, it may indicate a potential reversal.

Disclaimers Apply


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