Bitcoin Bullish Momentum?
Updated
Looking at this 1hr chart and I'm howling for the moon!
It seems that Bitcoin has broken through the top of the upwards rising channel and that resistance is now flipping to support.
The current consolidation appears to be forming a pennant, so I'll be waiting in the bushes to see if Bitcoin breaks up or down out of the structure. The measured move target of a break up would be around $67,000 and for a break down we could potentially touch the bottom of the channel at around $55,000.
On this daily chart I see a break up out of a bull flag that gives us a measured move target of almost $80,000.
I also see a potential bullish Cypher harmonic. If we break downwards anywhere between the 1.272 and the 1.414 of the XA leg (C) then I would consider the Cypher a strong possibility. I'll be looking for a move down in this range, roughly somewhere between $65,900 and $70100. A correction down to about $38,500 would make a valid bullish Cypher. For me, this would be healthy!
One thing is for sure, it's gonna be a wild ride!
Howl at me! Owhoooo!
It seems that Bitcoin has broken through the top of the upwards rising channel and that resistance is now flipping to support.
The current consolidation appears to be forming a pennant, so I'll be waiting in the bushes to see if Bitcoin breaks up or down out of the structure. The measured move target of a break up would be around $67,000 and for a break down we could potentially touch the bottom of the channel at around $55,000.
On this daily chart I see a break up out of a bull flag that gives us a measured move target of almost $80,000.
I also see a potential bullish Cypher harmonic. If we break downwards anywhere between the 1.272 and the 1.414 of the XA leg (C) then I would consider the Cypher a strong possibility. I'll be looking for a move down in this range, roughly somewhere between $65,900 and $70100. A correction down to about $38,500 would make a valid bullish Cypher. For me, this would be healthy!
One thing is for sure, it's gonna be a wild ride!
Howl at me! Owhoooo!
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Gettin crazy with the Cheez-Whiz.
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