Bitcoin 2018 Bull Trend - $34,000 price target?!?!
My favorite chart pattern to trade are trend lines and/or pitchforks. I am always on the lookout for the next trend. Once one is established I use it as the primary indicator of overbought and oversold conditions.
Knife catching the bottom of a trend provides the best risk:reward entries that I know how to find. Furthermore, I can confidently profit take once the price approaches the top end. Unfortunately there has not been a discernible long term trend since 4/12 when we broke out of the bear market.
Today I charted a trend that I expect to hold up over the next 3+ months. Furthermore I have used fractals to project the price action and have provided two options for what August could look like.
We are currently looking at a bear flag, which I expect to be rejected by support at either $8,500 or $7,800. That would confirm the $10,500 retest before the end of May. That is when everyone will be calling for the moon and it will be time to sell.
If we pull back down to $8,300 from there then it could cause some panic to set back in for the skittish bulls. Tone Vays will be calling for $1,000 and the uncertainty will be abundant.
That is when I will be putting on my working gloves and looking for a knife to catch. We would have a cluster of support (trend/horizontal) and it would provide the best risk:reward ratio that I have seen in months.
From there I expect a strong rally to take us back up to the top of the trend by the end of July. That is when it would be time to take profit and watch from the sidelines.
Obviously I am going to be rooting for the green line and would love to reenter on the breakout. That would have us retesting $20,000 by August 1st and would likely form a very nice cup & handle with a target of $34,000! The other option has us retesting $9,000 during the first week of August and that wouldn’t be nearly as much fun. Nevertheless, I will be prepared for both options and hopefully this will help you to be as well!
Comment if you have something to say, smash the like if you found this helpful and definitely finger that follow!
Knife catching the bottom of a trend provides the best risk:reward entries that I know how to find. Furthermore, I can confidently profit take once the price approaches the top end. Unfortunately there has not been a discernible long term trend since 4/12 when we broke out of the bear market.
Today I charted a trend that I expect to hold up over the next 3+ months. Furthermore I have used fractals to project the price action and have provided two options for what August could look like.
We are currently looking at a bear flag, which I expect to be rejected by support at either $8,500 or $7,800. That would confirm the $10,500 retest before the end of May. That is when everyone will be calling for the moon and it will be time to sell.
If we pull back down to $8,300 from there then it could cause some panic to set back in for the skittish bulls. Tone Vays will be calling for $1,000 and the uncertainty will be abundant.
That is when I will be putting on my working gloves and looking for a knife to catch. We would have a cluster of support (trend/horizontal) and it would provide the best risk:reward ratio that I have seen in months.
From there I expect a strong rally to take us back up to the top of the trend by the end of July. That is when it would be time to take profit and watch from the sidelines.
Obviously I am going to be rooting for the green line and would love to reenter on the breakout. That would have us retesting $20,000 by August 1st and would likely form a very nice cup & handle with a target of $34,000! The other option has us retesting $9,000 during the first week of August and that wouldn’t be nearly as much fun. Nevertheless, I will be prepared for both options and hopefully this will help you to be as well!
Comment if you have something to say, smash the like if you found this helpful and definitely finger that follow!
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