🔥 Bitcoin: Bull-Run Still Viable?
We've all seen Bitcoin's recent price action. Many thought, including myself, that 30k would be the low of the current "dip", but Bitcoin managed to fall below that during the last strong sell-off. On the other hand, we didn't get a higher time frame close below 30k, so that dip was kind of invalidated anyway. Still, there was a lot of panic in the market.
According to Wyckoff theory, this recent dip might be the "spring" we need to get back on a bullish path. I'll leave that analysis for another time.
Currently we're looking at two long term trend lines that I've drawn on the weekly chart, the bottom support line being the most important of the two.
The support line is for my a very strong indication whetherthe current bull-market is still viable or not. As seen on the chart we're currently trading below the trend line, meaning we're in bearish territory. A weekly close below said trend line would be very bad news for BTC and crypto as a whole. In case we close below, my next target would be ~27k, around the 0.618 golden Fibonacci retracement. A move below 27k is highly likely once we get there.
For BTC to remain bullish in my eyes, we'd need to see a weekly close above 36k this week. If that happens, we're back inside the channel, and we can consider the wick as a fake out.
In the case of a bullish scenario, I'm considering a 100k price target for the remainder of the bull-run. 100k is my holy grail target because it's right at the 1.618 golden Fibonacci extension line, plus it's a perfect round number that many investors are looking at.
Happy trading!
According to Wyckoff theory, this recent dip might be the "spring" we need to get back on a bullish path. I'll leave that analysis for another time.
Currently we're looking at two long term trend lines that I've drawn on the weekly chart, the bottom support line being the most important of the two.
The support line is for my a very strong indication whetherthe current bull-market is still viable or not. As seen on the chart we're currently trading below the trend line, meaning we're in bearish territory. A weekly close below said trend line would be very bad news for BTC and crypto as a whole. In case we close below, my next target would be ~27k, around the 0.618 golden Fibonacci retracement. A move below 27k is highly likely once we get there.
For BTC to remain bullish in my eyes, we'd need to see a weekly close above 36k this week. If that happens, we're back inside the channel, and we can consider the wick as a fake out.
In the case of a bullish scenario, I'm considering a 100k price target for the remainder of the bull-run. 100k is my holy grail target because it's right at the 1.618 golden Fibonacci extension line, plus it's a perfect round number that many investors are looking at.
Happy trading!
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