FX.co ★ 4th straight positive week for BTCUSD with new all time highs

BTCUSD is marching to new all time highs in a parabolic pattern. It is nice riding these waves but traders need to be cautious as the popularity of the specific cryptocurrency has reached the sky as opposed to when price was trading around $6,000-$7,000.

Red lines -wedge pattern

The phenomenon called Bitcoin is skyrocketing the value of many portfolios. It has become a major trend in our life as price is breaking above $50,000. What is the next price target? Can this trend continue? Yes this trend can continue and betting against it is very risky. Taking into consideration the first big upward move that made Bitcoin popular and using the Fibonacci extension tool, we see something important.

Bitcoin is approaching the 261.8% Fibonacci extension target. This does not necessarily mean that the trend will stop here, but the fact that there are increased chances of a top at these levels. So traders need to be very cautious.