New Bullish target set at 61k. Here's why...

While it is true the 0.786 fibbonacci level was touched at 48k, it has not lead to a devastating blow to the downside.

40k support is still holding which leads me to believe more upside is coming.

My old target was 57k based on that 0.786 fibbonacci, but I was expecting price to blow past it creating a blow off top. Since that did not happen, and price rejected with a weak pull back to the 40k level, I believe price will push beyond the 57k level.

Therefore, my next level of interest will be the 61k level.
When the 350 moving average based on the CT Pi cycle top indicator is applied, that moving average currently sits at the 60,900 level.

Also, the Bill Williams oscillator is showing over bought. The last time it was this overbought was before the November breakout above 35k.

Therefore, I plan to take profit at 61k and if price rises higher, I will consider taking a short play.
I hope this helps someone out there.
God bless 🙌
Handy