It is fitting that BTC chose the day the latest CPI data is released to reach our next upside target.  From Bonds Not Buying It on Feb 23:

BTC even managed a proper backtest of the last major Fib level, opening the door to the next upside target at the purple 3.618 extension at 62,977.

continued for members…

As always, our approach is to look for a pullback upon reaching these major Fib levels, but be prepared to be stopped out if/when it pushes through them. It has required nerves of steel, but has also been an exercise in patience.

The salmon-colored channel continues to be the best guide for price movement, though this tag comes two weeks later than the channel reached this Fib level. And, it has been ages (in Bitcoin terms) since the channel bottom was tagged.

Therefore, I’m going to realign the channel to include the recent lows as the new channel bottom.

If the dashed red TL in its RSI holds and we get a pullback here, then the new channel bottom is all wrong and we’ll revert to the existing one. Note that the RSI chart below features a very ragged, poorly-defined lows.  But, for now, we’ll give it a try and look for an initial pullback to the SMA10 currently at 59,010 and a new upside target at the 4.236 Fib extension at 73,201.