BTC will likely hit 5k in few weeks
Updated
Sounds like a lot of people get bullish so easily by looking at some TA and various telegram chat after this bounce.
bear market is not over yet especially after breaking the main support (red trend line) acted as such many times and now it will act as the main resistance.
what I noticed is the "big triangle" that the crowd was looking at with same arrows inside it's clearly broken down
and now many of them are fitting the wyckoff accumulation theory in what they hope.
with that said I expect btc to go to 5k in no more than 2/3 weeks or so. during these days I can expect so much sideway, a lot of bart pattern (like it did so far before dumping hard) and maybe various attempts to break the first resistance at 6880 and maybe 7.2k which is unlikely, but could go close to it before the likely reversal to 5k.
bear market is not over yet especially after breaking the main support (red trend line) acted as such many times and now it will act as the main resistance.
what I noticed is the "big triangle" that the crowd was looking at with same arrows inside it's clearly broken down
and now many of them are fitting the wyckoff accumulation theory in what they hope.
with that said I expect btc to go to 5k in no more than 2/3 weeks or so. during these days I can expect so much sideway, a lot of bart pattern (like it did so far before dumping hard) and maybe various attempts to break the first resistance at 6880 and maybe 7.2k which is unlikely, but could go close to it before the likely reversal to 5k.
Note
in the case of it should also break 5k it could hit 4.5k no lower than it, and it will likely bounce towards 6.5kNote
we can notice that the daily 20 ema is acting like 2014, if we break it I think btc will likely try to test the resistance (red trend line) and "MAYBE" thing could change if it breaks this one, but the midterm picture is still bearish to me. there's no need to change idea because of 300/400$ or whatever bounces unlike many ppl keep having fun and getting bullish so easily. I would start changing my idea if we break the resistance at 7.8k but there's need to see how btc will act when/if it breaks this one.
with that said even if it's acting like 2014 that doesn't mean this year will keep being like 2014, could be even worst or it will turn bullish (unlikely this scenario).
after the likely rejection at 6.9/7.1k we should see btc at 5-5.2k and it will likely look for a bounce to 6.5k-
moreover we can also see how the volatility is so low and it's very normal when a bubble still has to find the bottom that it hasnt found yet imo, this one is just increasing when btc drops hard and that's nothing new for a financial bubble.
until btc takes a clear direction I wouldn't take any position, I would just try to take a short position only if it hits 6.9/7.1k without strong volumes and looking for a close at 3k. my final target is around 1.2-1.8k but still early to talk about it.
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