For my shorter-term traders we have two tools for fine tuning more aggressive positioning. First, the Fibonacci Extension tool shows powerful resistance at $55K. As we have seen all the way up, once price breaks up (or down) through that level, two things happen: (1) That level becomes powerful support/resistance, and (2) The next Fib extension target comes into play, which in this case is $70K. As for finding support now, we use the Fibonacci Retracement tool as shown on the chart below: Price hit the first support level at $46K this morning and although it could have further to go, $39-43K, it's also possible that today's decline is all she wrote. For shorter-term trading, a hard break above $55K ($57+) is a slam dunk for $70K. You can take that to the bank. Note: These charts use March Futures prices, which don't always align perfectly with actual Bitcoin quotes, ergo the rounding of price projections.
