#bitcoin

Let it come to those who say technical analysis doesn't work.

The breakout of the cup-handle formation that has formed since 2022 occurred in November, and after the breakout, the formation reached and surpassed its first target of 110K, and a nice retest was made in the past weeks.
Now, after this retest, an upward direction can be expected.
Formation targets in order
📌The short-term target for the handle is again 110K
📌The medium-term cup linear target is 130-140K
📌The long term, that is, the end of the bull market may seem a bit utopian, but the logarithmic target for the cup is 340K.

I have shared these many times before.
Now I will tell you something else.
In my previous lesson share, let's take a look at the resistance levels, that is, where our targets could be when we look at the chart in the long term with the Fib Extension, one of the Fibonacci tools I mentioned.
What was Fib Extension used for?

Now we have our formation targets, and we will use them both to confirm these targets and to see the intermediate levels.
How to use the extension? We were combining the dip, a peak and the correction that comes after the peak, that's all.
In the $BTC chart, when we combine the 15K bottom, the 73.8K top, and the subsequent correction level that came down to 48.9K, we can see how beautifully the fib levels work.

Anyway, let's get back to the topic. According to this fib tool, the fib 1 level indicates a price of 107.2K. Subsequently, the actual levels where profits can be taken or monitored as resistance for entry and exit, or targeted, are as follows.
Level 1.272 123.1K
The level of 1.618 is 143.3K
The 2.618 level indicates prices of 201K.
The 130-140K level was our formation linear target and this tool confirms it.
Or if we look closer, our handle target was at the 110K levels, and this tool shows 107.2K, which already indicates that when we look at the weekly, it has only touched the 110K level with a wick.

According to the latest fib Extension tool, it will target the 107K level with a closing above $94,810. So the resistance for this week is $94,810.
(In a possible decline, support will be at 91-92K, let me note this as well)

Well, that's all I have to say, I hope it has been helpful.

You are loved.