BTC breakout
BTC has finally broken out the descending wedge. I told you this was the bottom. I know I previously called 55500 as bottom, and I still think it was if the COVID fud wouldn't have hit the news. Nevertheless, catching the bottom with a 2- 3% margin error is still minuscular considering the possible move ahead. Now going for degrees...
Stop loss is below 53K, even more, conservative below the 50K level depending on your strategy and risk management plan.
The first target (short term) is 66500, which I believe will come by the end of the week. The second target will be at 70k before a minor pullback occurs before the real breakout, which will bring us to 89k.
The analysis here presented show a clear break out of the descending wedge, with a bullish crossover of the 12MA (short term momentum) on the 50MA (medium-term momentum) (always bear in mind the timeframe here). It is also now approaching the neckline of the iHnS, which has provided resistance at 59. Once this is cleared, then BTC will reach 66500. Nevertheless, BTC has just finished the minuette wave 1 with the ultimate target of the cycle (minuette) at 70k. That suggests that there will be a retracement there which will bear great opportunity before to take off to start completing wave 3 of the intermediate cycle, which has the target set at 124k (few pullbacks on the way, so you don't get scared on the path to there). I drew in the chart the two possible scenarios.
-1 = BTC smash completely through the resistance by tomorrow.
-2 = Minor pullback to retest the support and complete a full-formed right shoulder to then take off.
Volume is also starting to expand, which is a good sign. If the second scenario happens, we will have a great opportunity to load our bags one last time at 55500 - 56k before the major run.
Get ready mooners!
FOLLOW ME, SHARE, LIKE AND COMMENT.
Stop loss is below 53K, even more, conservative below the 50K level depending on your strategy and risk management plan.
The first target (short term) is 66500, which I believe will come by the end of the week. The second target will be at 70k before a minor pullback occurs before the real breakout, which will bring us to 89k.
The analysis here presented show a clear break out of the descending wedge, with a bullish crossover of the 12MA (short term momentum) on the 50MA (medium-term momentum) (always bear in mind the timeframe here). It is also now approaching the neckline of the iHnS, which has provided resistance at 59. Once this is cleared, then BTC will reach 66500. Nevertheless, BTC has just finished the minuette wave 1 with the ultimate target of the cycle (minuette) at 70k. That suggests that there will be a retracement there which will bear great opportunity before to take off to start completing wave 3 of the intermediate cycle, which has the target set at 124k (few pullbacks on the way, so you don't get scared on the path to there). I drew in the chart the two possible scenarios.
-1 = BTC smash completely through the resistance by tomorrow.
-2 = Minor pullback to retest the support and complete a full-formed right shoulder to then take off.
Volume is also starting to expand, which is a good sign. If the second scenario happens, we will have a great opportunity to load our bags one last time at 55500 - 56k before the major run.
Get ready mooners!
FOLLOW ME, SHARE, LIKE AND COMMENT.
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