After a lengthy pullback from $13,800, BTC appears poised for a breakout. We tested a long term trend line multiple times between $6700-$7,000 and it appears that line is going to hold. Incidentally, that line has been in place since 2013.
As a general rule, after an all time high, the Fibonacci numbers for an asset serve as resistance levels as the asset begins to rise in price. We saw resistance in June as BTC touched the all time high on monthly candles, and promptly pulled back. Now that we have touched the lowest Fibo level shown here at $7,000, Elliott Wave theory supports an initial target of $11,500 at the Fibonacci 0.5 line shown here in the green range.
Lastly, BTC is working on a weekly candle close above the 50 Day Moving Average. As you see by the arrow on the the left, the last time we saw a weekly candle close above the green line, BTC rose $3,000, or 50% from the breakout point.
Bottom line, we have a target of $10,500-$11,500 for BTC in the short term for Jan-Feb.
Exciting times indeed! Looking forward to your profits!