Bitcoin: on the road to $4.5k?
Drawing the trendline since Dec lows and combining it with fib retracements on the daily chart, we can see that BTC might be poised for a retrace before jumping back to new yearly highs.
Indeed, the impulse from mid-december pushed the price by
1K+ in the span of a week (from $3280 to $4380), just like the impulse of April did with some extent. It then retraced to fib 0.236 in the span of 7 weeks.
Is history going to repeat ? I tend to think so.
Although BTC has impressively managed to keep the 5k psychological price several times since the April 2nd jump, we're still laking the needed volume to break the 5.2k-5.3k resistance and push the price further. RSI needs to cool off too, so it seems that we're still poised for a retrace from the last impulse.
Interestingly, in 7 weeks from now we're gonna hit the current trendline around the 0.236 fib retracement level, just like last time. If the pullback materializes but the multi-month bullish trendline proves to hold tight, 4.5k looks like the perfect entry point for a long.
So if in the next days the daily candles follow the path I've drawn in red both for price and volume, watch for $4.2-4.7k.
On the contray, should Bitcoin manage to break the current resistance level at 5.2-5.3k in the next 10 days, we might be poised to see 5.6 / 5.9 / 6.2k very soon. But volume will have to prove to be solid.
As always, this is not a financial advice, just a fantasy! DYOR and trade safely.
Likes appreciated :)
Cheers everyone!
Indeed, the impulse from mid-december pushed the price by
1K+ in the span of a week (from $3280 to $4380), just like the impulse of April did with some extent. It then retraced to fib 0.236 in the span of 7 weeks. Is history going to repeat ? I tend to think so.
Although BTC has impressively managed to keep the 5k psychological price several times since the April 2nd jump, we're still laking the needed volume to break the 5.2k-5.3k resistance and push the price further. RSI needs to cool off too, so it seems that we're still poised for a retrace from the last impulse.
Interestingly, in 7 weeks from now we're gonna hit the current trendline around the 0.236 fib retracement level, just like last time. If the pullback materializes but the multi-month bullish trendline proves to hold tight, 4.5k looks like the perfect entry point for a long.
So if in the next days the daily candles follow the path I've drawn in red both for price and volume, watch for $4.2-4.7k.
On the contray, should Bitcoin manage to break the current resistance level at 5.2-5.3k in the next 10 days, we might be poised to see 5.6 / 5.9 / 6.2k very soon. But volume will have to prove to be solid.
As always, this is not a financial advice, just a fantasy! DYOR and trade safely.
Likes appreciated :)
Cheers everyone!
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