BITCOIN next targets and the USD$ 20,000 All Time High (ATH)
As shown in my previous BTC idea, momentum can give BITCOIN an edge that surpasses the prediction of even to the most bullish traders. This is because momentum is exponentially propelled when the fear of missing out (FOMO) takes control of the market:
At this very moment, BITCOIN is on consolidation phase and we provide here two scenarios of how it will likely move towards the 20,000 price mark. It will certainly have to cross first the vertical resistance and reach USD$16,000 price as shown here:
The convergence of several chart patterns related to price consolidation, price/volume analysis, price cycles, support and resistance, and RSI indicator makes me think that BITCOIN will likely revisit its previous ATH of 20k sooner than later. Some observations on these patterns below:
1. CONSOLIDATION of price on the ascending channel indicates a bullish bias in the BTC market. In the short term consolidation (and buy opportunities) is around the support zone.
2. CANDLESTICKS show price is rejecting lower levels which means bulls are in control of the market. Look at double Dojis around Buy zone
3. FOMO: since BTC was USD$4000, FOMO (Fear of Missing Out) has been playing a key role in a price increase
4. RSI indicator shows consistent up and down cycles
5. PRICE/VOLUME: there is a decrease in selling volume
6. BUYING ZONE is between 10k-11k (green zone)
7. SUPPORT AND RESISTANCE: current support @ USD$10900, major resistance @ USD$13800
8. CYCLES: Since the first FOMO there have been around 30 days of consolidation. Giving human psychology (and bots built by humans) that follows patterns we expect a similar cycle this time
9. TARGET: We target USD$20,000, the last All Time High (ATH) of the 2017 bull run. Fractal indicate potential price route to this target. The price will likely hit first around USD$16,000 which is a Fibonacci target as 20k is.
10. STOP LOSS: As always all trades are risky so always consider using a stop loss before entering any trade maybe a tight stop loss around USD$9600.
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At this very moment, BITCOIN is on consolidation phase and we provide here two scenarios of how it will likely move towards the 20,000 price mark. It will certainly have to cross first the vertical resistance and reach USD$16,000 price as shown here:
The convergence of several chart patterns related to price consolidation, price/volume analysis, price cycles, support and resistance, and RSI indicator makes me think that BITCOIN will likely revisit its previous ATH of 20k sooner than later. Some observations on these patterns below:
1. CONSOLIDATION of price on the ascending channel indicates a bullish bias in the BTC market. In the short term consolidation (and buy opportunities) is around the support zone.
2. CANDLESTICKS show price is rejecting lower levels which means bulls are in control of the market. Look at double Dojis around Buy zone
3. FOMO: since BTC was USD$4000, FOMO (Fear of Missing Out) has been playing a key role in a price increase
4. RSI indicator shows consistent up and down cycles
5. PRICE/VOLUME: there is a decrease in selling volume
6. BUYING ZONE is between 10k-11k (green zone)
7. SUPPORT AND RESISTANCE: current support @ USD$10900, major resistance @ USD$13800
8. CYCLES: Since the first FOMO there have been around 30 days of consolidation. Giving human psychology (and bots built by humans) that follows patterns we expect a similar cycle this time
9. TARGET: We target USD$20,000, the last All Time High (ATH) of the 2017 bull run. Fractal indicate potential price route to this target. The price will likely hit first around USD$16,000 which is a Fibonacci target as 20k is.
10. STOP LOSS: As always all trades are risky so always consider using a stop loss before entering any trade maybe a tight stop loss around USD$9600.
If you found this idea interesting please give it a LIKE and subscribe. Thanks
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