Chart is self explanatory. Using 2016-present price channel and our prior ATH as the beginning of the ascending support line that we have now successfully tested as support on 2 drops to the line.
I think we will see a rapid price increase once this weekly candle closes and we go to retest the middle of the channel to enter the upper half which will be somewhere in the 70,000 range. Using this channel its safe to assume our upper end of market cycle target will be high $300,000 range as long as we hold this support range. If we lose this support we will be targeting the bottom of the channel down around $20,000
I think we will see a rapid price increase once this weekly candle closes and we go to retest the middle of the channel to enter the upper half which will be somewhere in the 70,000 range. Using this channel its safe to assume our upper end of market cycle target will be high $300,000 range as long as we hold this support range. If we lose this support we will be targeting the bottom of the channel down around $20,000
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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.