Bitcoin hits all-time high
Bitcoin bullish scenario:
On Wednesday and Thursday morning – 13 and 14 August – Bitcoin rallied above its 161.8% Fibonacci extension of the 2019-to-2021 advance, projected higher from the 2022 low, at $122,056.92.
It exceeded the Fibonacci extension and hit a record high at $124,277.50 before once again slipping below it.
A rise above the current all-time high at $124,277.50 may trigger a surge to another 161.8% Fibonacci extension at $143,519 in the medium-term.
Minor support below the 17 July high at $121,012.09 may be found at the 15 July low at $120,271.13. Further down lies the 28 July high at $119,836.23 which may also act as potential support.
Bitcoin bearish scenario:
In case of a bearish reversal and fall through Wednesday’s $118,919.91 low taking place, the 7 to 9 August highs at $117,921.57-to-$117,701.33 may be revisited but could then act as support. If not, the 22 July low at $116,195.25 may be touched as well.
Bitcoin charts