$16,000 NEXT FOR BITCOIN? (Long Term Idea)
Hi fellow traders,
Today, I will be taking a look at BTCUSD from a technical long term perspective. Looking at the pair on a monthly chart, we can see if a Fibonacci Retracement is used from the swing high in December 2017 to the swing low created in December 2018, we could look to use the extended Fibonacci Retracement tool to paint a picture of where price is heading next. Over the past few months we have tapped the 61.8% Fib and rebounded down to the 38.2% Fib. Since this, we have seen the pair come back with a bullish candle, with it looking likely for the pair to hit $16,320 (coming off the 78.6% Fib level). Providing the downwards trend line is broken on the weekly chart this week or the next, we could possibly then see a push to the stated target around $16320. Additionally, to support this bullish bias, there has been a double bottom on the chart in the weekly, which could indicate a reversal since its few weeks of dodgy price action and indecisiveness in the cryptocurrency market. This would mean a tap of the 78.6% Fib, and from there we could see a slight pullback till the next push upwards. BTCUSD seems bullish right now, providing there are many weak economies right now, with a recession looking likely.
This is only a trade idea from a long term perspective, and this could happen, but it does not mean it will happen.
Could this be the time for the bull to be unleashed? Time for price to come back up?
Leave a comment below on what you think!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Today, I will be taking a look at BTCUSD from a technical long term perspective. Looking at the pair on a monthly chart, we can see if a Fibonacci Retracement is used from the swing high in December 2017 to the swing low created in December 2018, we could look to use the extended Fibonacci Retracement tool to paint a picture of where price is heading next. Over the past few months we have tapped the 61.8% Fib and rebounded down to the 38.2% Fib. Since this, we have seen the pair come back with a bullish candle, with it looking likely for the pair to hit $16,320 (coming off the 78.6% Fib level). Providing the downwards trend line is broken on the weekly chart this week or the next, we could possibly then see a push to the stated target around $16320. Additionally, to support this bullish bias, there has been a double bottom on the chart in the weekly, which could indicate a reversal since its few weeks of dodgy price action and indecisiveness in the cryptocurrency market. This would mean a tap of the 78.6% Fib, and from there we could see a slight pullback till the next push upwards. BTCUSD seems bullish right now, providing there are many weak economies right now, with a recession looking likely.
This is only a trade idea from a long term perspective, and this could happen, but it does not mean it will happen.
Could this be the time for the bull to be unleashed? Time for price to come back up?
Leave a comment below on what you think!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.