Bitcoin has pulled back on its climb over the past couple of days, but seems ready to resume the climb from here. Applying the Fibonacci extension tool shows the next potential upside targets.
The 38.2% extension lines up with the swing high around the $8,500 level but stronger bullish momentum could take bitcoin to the 50% extension at $8,629. From there, a continuation of the uptrend could lead to a test of the 61.8% extension at $8,912 or the 78.6% extension at $9,316. The full extension is located at $9,831.50.
This happens to line up with a former resistance level around $6,800 to $7,000 and the rising trend line connecting the lows since June. This might be the line in the sand for a correction, though.
