BTCUSD Will Return to Previous Highs
Quick update on the Bitcoin chart, haven't done a read on the 1-hour timeframe on this coin in a while.
After this dump we saw right after the weekly close on Sunday, Bitcoin started reversing back up and regained $33099, $34484 support, as well as this 1-hour channel. This dump also knocked out all the over-leveraged longs as well as the fear/greed index dropped significantly from 95/100 down to 84/100.
Why I think this is a shakeout (capitulation) is because we've seen this exact move play out earlier this year on January 4th. Bitcoin dipped down to the $27771 (0.786 Fib) level in the span of 22 hours and a total of 20%.
Now on this most recent dump down, BTC sold off 25% in the span of 1 day and 6 hours, all the while creating a higher low than the previous dump. If Bitcoin would've matched the previous low or even dumped lower then I would consider shorting down to the previous ATH price. However, this is not the case and the bull run continues. Here are my targets going long:
TP1 🎯 $36327
TP2 🎯 $37560
TP3 🎯 $39696
To everyone who shorted the top, I congratulate you, as that was a beautiful play. We play both sides, we're just here trying to make money at the end of the day. I am confident Bitcoin will return to previous highs
After this dump we saw right after the weekly close on Sunday, Bitcoin started reversing back up and regained $33099, $34484 support, as well as this 1-hour channel. This dump also knocked out all the over-leveraged longs as well as the fear/greed index dropped significantly from 95/100 down to 84/100.
Why I think this is a shakeout (capitulation) is because we've seen this exact move play out earlier this year on January 4th. Bitcoin dipped down to the $27771 (0.786 Fib) level in the span of 22 hours and a total of 20%.
Now on this most recent dump down, BTC sold off 25% in the span of 1 day and 6 hours, all the while creating a higher low than the previous dump. If Bitcoin would've matched the previous low or even dumped lower then I would consider shorting down to the previous ATH price. However, this is not the case and the bull run continues. Here are my targets going long:
TP1 🎯 $36327
TP2 🎯 $37560
TP3 🎯 $39696
To everyone who shorted the top, I congratulate you, as that was a beautiful play. We play both sides, we're just here trying to make money at the end of the day. I am confident Bitcoin will return to previous highs
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