BTC/USD - Expect $60k then some pullback. Macrotrend bullish. 🚀
As already indicated before (see last BTC idea linked below), BTC is forming the last leg up in a 5 Elliot wave structure.
The macro trend remains extremely bullish for now with all indicators looking good, except volume . That one is falling as price is rising (normally a bearish indicator).
For this reason I would not be surprised to see Bitcoin take a short break around the 60k area or just below that. That is also our last ATH and a major resistance level . So all those that bought at under 30k will take profit after doubling their investment.
Nevertheless, it is unlikely BTC rally will stop there... rather, we will eventually break out of this resistance and rush towards 90k. I say this because MACD on weekly turned bullish in August and this will likely last for a good few months before any significant reversal.
In any event, as long as our major trendline / support holds, we are safe and the trend remains bullish . The hardest question right now is if BTC has the fuel to pump beyond 90k, passing over 100k will be a major major PUMP signal and our idea sell zone will be 120k - 250k. If we fail at that, then taking profit around 90k is a wise move, but that is somewhat of a pessimistic scenario. Adoption is increasing and there is less and less BTC for sale... make your own judgement.
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The macro trend remains extremely bullish for now with all indicators looking good, except volume . That one is falling as price is rising (normally a bearish indicator).
For this reason I would not be surprised to see Bitcoin take a short break around the 60k area or just below that. That is also our last ATH and a major resistance level . So all those that bought at under 30k will take profit after doubling their investment.
Nevertheless, it is unlikely BTC rally will stop there... rather, we will eventually break out of this resistance and rush towards 90k. I say this because MACD on weekly turned bullish in August and this will likely last for a good few months before any significant reversal.
In any event, as long as our major trendline / support holds, we are safe and the trend remains bullish . The hardest question right now is if BTC has the fuel to pump beyond 90k, passing over 100k will be a major major PUMP signal and our idea sell zone will be 120k - 250k. If we fail at that, then taking profit around 90k is a wise move, but that is somewhat of a pessimistic scenario. Adoption is increasing and there is less and less BTC for sale... make your own judgement.
Like and follow if you liked this idea!
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