Bitcoin notches record daily close above 50K, opening up path to 55K and beyond

After a bunch of false starts, BTCUSD has finally broken out of a mildly bullish holding pattern and put in a decisive close above 50K:

We'd been testing this gently sloping resistance line for more than 8 days, with 4 separate attempts before we finally cracked it on the 5th:

With 50K breached, the next major resistance level is the 200% Fibonacci extension at 54950 - the point where the current rally is exactly double the magnitude of the January correction:

This level is interesting as it also roughly corresponds to the equal legs target at 54575 we've covered in prior posts - the point where the current rally is exactly the same magnitude as the previous leg up:

We've been looking at this 55K area for a while now, and @silverstackeruk brought it up in the Leo Discord yesterday too, so safe to assume we're not the only ones watching it.

Still, I can't help but feel this target is a little too conservative and really like the look of the next Fibonacci level highlighted in our last post - the 261.8 extension at 62975:

Strategy Update

Our strategy remains long from 34K and bullish above 46775 and I'm continuing to hold long in line with that:

Following a proven strategy has generated great returns and simultaneously taken a mountain of stress out of trading - can't argue with that!

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