As hinted yesterday, the Bitcoin Liquid Index will generate a Buy Signal today on Bitcoin close above $53,500. "Close" is a bit of a moving target since Bitcoin trades 24/7, but consider it a Buy if you awake tomorrow morning with Bitcoin above $53,500. The Fibonacci extension graph shows just how important high $48K-$50K range is in terms of support. If it holds, next resistance is at the all time high area around $60-$62K. Once above that range the next price target is all the way up at $80K. Triple digits seem inevitable this year, and possibly by the end of summer. Massive support lays at $47-48K, which should hold any further decline. If that range is breached, $40K comes into play and would suggest a much longer/deeper corrective wave is unfolding. Remember, Bitcoin has about doubled YTD and retracements have been held to about 20% or less. In general: Above $48K bullish; above $55K very bullish; below $45K bearish.
