Short term BTC target to circa $25k
Updated
Whilst we've been waiting for BTC's next upside move, we've seen some incredible gains in alts. Whilst BTC likes to defy TA, I find there are usually a few indicators that provide a useful bases for predictions.
Most importantly, via the Coinbase hourly BTCUSD chart we have confirmation of a break from the ascending triangle.
14 day RSI is moving into the oversold region which is often an indicator of a longer period of bulls taking control, pushing BTC towards a new high. In fact, our RSI pattern is showing similar behaviour to our previous breakout from the 11k-
12K levels.
Fib retracement from the previous breakout to the current high (the spike to $19,700), confirms several key levels of significance, namely the highs and lows in the ascending triangle. Fib also forecasts a target in the region of $24,250 to
25K for this trade.
If BTC retraces from the current level, we are looking to establish support at 18k (the top level of our ascending triangle).
We're on the cusp of a few big moves in several alts, but whilst BTC is poised for upside growth it would be prudent to include a trade here. Further BTC momentum could temporarily see the alts stalling (as occurred in the previous bull run). However, if BTC fails to establish support at 18k, alts may continue to provide a better yield in the coming days.
BLOCKCHAIN TRADERS
Contact me if you're a talented trader and would like to join our slack community.
Most importantly, via the Coinbase hourly BTCUSD chart we have confirmation of a break from the ascending triangle.
14 day RSI is moving into the oversold region which is often an indicator of a longer period of bulls taking control, pushing BTC towards a new high. In fact, our RSI pattern is showing similar behaviour to our previous breakout from the 11k-
12K levels.Fib retracement from the previous breakout to the current high (the spike to $19,700), confirms several key levels of significance, namely the highs and lows in the ascending triangle. Fib also forecasts a target in the region of $24,250 to
25K for this trade.If BTC retraces from the current level, we are looking to establish support at 18k (the top level of our ascending triangle).
We're on the cusp of a few big moves in several alts, but whilst BTC is poised for upside growth it would be prudent to include a trade here. Further BTC momentum could temporarily see the alts stalling (as occurred in the previous bull run). However, if BTC fails to establish support at 18k, alts may continue to provide a better yield in the coming days.
BLOCKCHAIN TRADERS
Contact me if you're a talented trader and would like to join our slack community.
Note
Here we see Fib providing confirmation of the key levels of significance.Note
We're now breaking the significant $19,800 level and we can expect this run to continue up until the CME futures launch tomorrow (Mon 18th Dec).See CME's statement on the launch here cmegroup.com/media-room/press-releases/2017/12/01/cme_group_self-certifiesbitcoinfuturestolaunchdec18.html
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