Bitcoin Set To Rise 34% As Techniques Signal A Mode Of Risk For Cryptocurrencies, Says Fairlead’s Katie Stockton | Currency News | Financial and business news

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Bitcoin could rise 34% from current levels, according to Katie Stockton of Fairlead Strategies, as the techniques signal a risky environment for the cryptocurrency market. Stockton expects bitcoin to consolidate its recent gains over the next one to two weeks before rising. “Bitcoin is likely to wipe out $ 42,600 for a revised upside target of a secondary Fibonacci retracement level near $ 51,000,” Stockton said. Sign up here for our daily newsletter, 10 Things Before The opening bell.

Bitcoin could be set to rise further as the techniques signal a risky environment for the cryptocurrency market, Katie Stockton of Fairlead Strategies said in a note Monday.

Stockton sees bitcoin ultimately climbing to $ 51,000, which is a potential increase of 34% from current levels, following a consolidation of its recent gains. Bitcoin has jumped over 40% from its July low of around $ 30,000 before peaking at resistance near $ 42,600.

“We expect the pullback to mature in 1-2 weeks near the 50-day moving average (~ $ 34,800), after which bitcoin is expected to clear $ 42,600 for a revised upward target from a level of. Secondary fibonacci retracement close to $ 51,000, “Stockton said.

In technical analysis, traders use the Fibonacci retracement tool to help identify support and resistance levels that a stock might encounter during a sell or rally. The tool is applied to a high and a low in a security’s price and then based on the Fibonacci golden ratio, which focuses on the 61.8%, 50%, 38.2% levels and 23.6%.

Stockton observed that long-term momentum remains positive for bitcoin, and a loss of medium-term bearish momentum allows bitcoin to recover well.

Additionally, bitcoin’s loss of relative strength to the ether signals “a potential shift to a risky environment in the cryptocurrency space,” Stockton said. Ether has climbed 57% since its low in mid-July.

If bitcoin finds support near its 50-day moving average, that would represent a 9% drop from its current level of around $ 38,200.

Read more: Crypto firm’s research executive who called bitcoin’s rise to $ 60,000 last year explains why it will hit $ 250,000 by 2025 – and shares 2 altcoins that could rise 20 times

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