BTC to 5K by the end of August
Updated
So in my last BTC chart I called 3K around the end of August and 4K by the mid of October. Things escalated super quickly though after the hard fork and segwit approval. Since then BTC has been a megabull the likes the world has never seen.
So looking at the chart everything looks pretty amazing. The cloud support is strong and increasing. The lagging span looks strong. The RSI is super strong and the Stoch shows that BTC is nearly oversold!
I see one of two scenarios playing out.
1. BTC rises to previous resistance and then falls back towards previous support (which it may not actually touch) before bouncing and going for another bull run. In this scenario we would hit 5K by the end of August.
2. BTC falls a bit slower to the previous support and consolidates for a while before bouncing and heading up to 5K. In this scenario we would be at 5K around the first week of September.
Of course for all of this to take place there has to be the money to support it. So keep an eye on the total market cap value. It's currently at $136 billion USD (for all of crypto), and it has been increasing roughly $1 billion every 1-2 days for the past week or so. If money keeps flooding in BTC should keep rising. Hopefully the alts will begin to follow soon!
Happy trading.
So looking at the chart everything looks pretty amazing. The cloud support is strong and increasing. The lagging span looks strong. The RSI is super strong and the Stoch shows that BTC is nearly oversold!
I see one of two scenarios playing out.
1. BTC rises to previous resistance and then falls back towards previous support (which it may not actually touch) before bouncing and going for another bull run. In this scenario we would hit 5K by the end of August.
2. BTC falls a bit slower to the previous support and consolidates for a while before bouncing and heading up to 5K. In this scenario we would be at 5K around the first week of September.
Of course for all of this to take place there has to be the money to support it. So keep an eye on the total market cap value. It's currently at $136 billion USD (for all of crypto), and it has been increasing roughly $1 billion every 1-2 days for the past week or so. If money keeps flooding in BTC should keep rising. Hopefully the alts will begin to follow soon!
Happy trading.
Note
Facing resistance at the top of the mid (yellow) channel. Forming a triangle. Decision time soon.Note
Potentially triggered on 15 minute chart. 5 minutes until candle closes...Note
Trigger confirmed. More upwards movement if we pass 4187.Note
Close to a new ATHNote
Strap yourselves in, launching soon.Note
Total crypto market cap up to $139.5 billion. That's an increase of $3 billion since yesterday. Potential fuel for more upside.Note
Note
Total crypto market cap now $141 billion USD. That's an increase of $1.5 billion since I last updated 3 hours ago!Note
So far so good. Minor correction. No real dramas.Note
Support line at 3873 held strong and now BTC is hugging the base line (yellow MA).Note
Potential H&S bewareNote
BTC still hugging the lines of scenario 1. Also, total crypto market cap has increased to $143.7 billion. Money still flooding in.Note
How strong is your hand?Note
Better shotNote
Total crypto market cap $145.7 billion.Note
Possible ascending triangle. Probably the reason alts are slowing.Note
Probably see a bounce off strong support hereNote
Total market cap $153.3 billion USD.Note
Looks like a pump is underway, might even test ATH today. Hopefully alts don't crash again.Note
Note
Bittrex chart, but same applies to PoloNote
Potential inverted H&S signalling upsideNote
Well that was closeNote
VERY early, but keep an eye on this. If it completes, R.I.P all time highNote
Total market cap = $158 billion USDNote
Scenario 2 seems to be playing out nicely.Note
Total market cap - $164.8 billion USDNote
Note
Total market cap before the crash was roughly $180 billion USD. No dramas though, this is MUCH needed consolidation. BTC will be back up in no time.Note
We are still WELL within the pitchfork. Nothing to worry about yet folks. This will just fuel more upside in the coming weeks and monthsNote
Inverted H&S forming
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.