BTC Breaks 2 Channels 1 More to the Moon!!!
So, bitcoin is in 3 channel or was. The blue and light blue channel are now broken as of today.
Now there is only one channel left that is the yellow channel.
The top of the yellow channel lines up very nicely with the 1.618 fibonacci extension level if you draw it from the bottom to the breakout of the most recent move (rising wedge).
In the RSI there has also been a channel. It was broken 2 days ago. Finding support of the next day and is now going up.
What to look for:
Watch to make sure the price holds above the blue and light blue channels.
Using the height of the channels we can make some price targets.
Look at the chart there is yellow rays for the price targets around:
57k - Here is the top of the yellow channel and 1.618 fibonacci level.
60k - Based on the blue channel this may help push though the previous target at 57k.
65K - Based on the light blue channel this will also help push past 57k.
67K - Based on breaking the fibonacci level and yellow channel. This lines up nicely with 2.618 fibonacci level.
I would take small profits at every target and look for a breakout, rejection/reversal, or consolidation. I am thinking most likely there will just be some consolidation.
Overall:
Good news with companies adding bitcoin, good chart. Looks like it’s going to the moon maybe even the next galaxy.
Comment what you think and follow if you like the idea.
Also look at the related ideas for my previous ideas or you can click it on the chart.
Now there is only one channel left that is the yellow channel.
The top of the yellow channel lines up very nicely with the 1.618 fibonacci extension level if you draw it from the bottom to the breakout of the most recent move (rising wedge).
In the RSI there has also been a channel. It was broken 2 days ago. Finding support of the next day and is now going up.
What to look for:
Watch to make sure the price holds above the blue and light blue channels.
Using the height of the channels we can make some price targets.
Look at the chart there is yellow rays for the price targets around:
57k - Here is the top of the yellow channel and 1.618 fibonacci level.
60k - Based on the blue channel this may help push though the previous target at 57k.
65K - Based on the light blue channel this will also help push past 57k.67K - Based on breaking the fibonacci level and yellow channel. This lines up nicely with 2.618 fibonacci level.I would take small profits at every target and look for a breakout, rejection/reversal, or consolidation. I am thinking most likely there will just be some consolidation.
Overall:
Good news with companies adding bitcoin, good chart. Looks like it’s going to the moon maybe even the next galaxy.
Comment what you think and follow if you like the idea.
Also look at the related ideas for my previous ideas or you can click it on the chart.
Related publications
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.