BTC TO 21K, 24K AND 27K LEVELS !!!! BTC in the wedge and ready to explode soon and we will see 27 - 32k in nov - dec.
we are also seeing bullish divergence in rsi too .
27K
Bitcoin to 26-28kHello everyone,
Looking at the btc chart and the macro environment we are currently in, I predict a btc pump towards 27k.
Yes I am still bearish in the mid term but bullish in the short, the following are my reasons.
1. Btc selling pressure is losing steam,
2. The DXY is losing steam and
3. Stocks are expected to pump this final quarter due to the release of quarterly report numbers.
Therefor I expect btc to make a push to the downward trendline from 69k (as seen on log scale).
This also coincides with the golden pocket of fibonacci and a heavy resistance zone previously set on btc.
Happy longing!:)
Certainty is dangerous - BTC downsideThis run up from 29k has been fast paced and well accepted by most. Most are certain downside isnt feasible at the current state as BTC is so bullish however given confluence at 54k mixed with a few other indications , i feel our current position is not going to be held for long !
Mapped out are two price ranges highlighting the drop size required to go to 27k . Notice how in the first dump we dropped 34k in 70 days and now we could be looking to dump 26k , sending us to 27k in 70 days.
Currently the dxy looks weak and is showing signs it could return to 90.This is a potentially bullish sign for BTC however that also fits in with my idea here considering we are still 4k away from 54k.
I do expect a pull back to 48k at some point within the next week if we make no attempt at 54k. 27k is still very unlikely however certainty is dangerous
-Ozwald
BTC to 28k according to these 4 signsThere are 4 patterns/indicators that suggest that BTC could drop further to between 28k -> 27k.
1. Head and shoulders.
- It is common for the drop following a head and shoulders to be roughly the same as the rise from the neckline to the top of the head. This was 39%. If we take 49% down from the neckline, this results in a price of 28.5k
2. Previous support
- On its way up to its high of $65k, the price of BTC dropped from 41k to 28.7k. It is possible that we could bounce back off this line as a line of support.
3. The 0.618 Fibonacci retracement.
- Drawing the fibonacci retracement lines from the March 2020 bottom at 3,858 up to the high at 64.9k, we can identify the 0.618 'golden-ratio' fibonacci retracement to be at 27.2k. A wick down to the 0.618 is not uncommon
4. In addition - the EMA cross is approaching with the 50 and 200 converging in a few days time. This is typically a bearish indicator.
Note: I do not believe the bull market is over. The market is still making higher lows, and a drop to the 0.618 is no exception to that. Even a drop to the 0.702 would not invalidate the bull market case.
