The Final Thrust To 100k?
Bitcoin has been moving between consolidation/accumulation (triangles) and upward thrusts (rising wedges) since October, forming a larger, massive rising wedge. This is very similar structure to the 2017 bull run. We are now in the apex of another ascending triangle and it seems the consolidation/accumulation phase has now come to a close. The question is will we break up or down ? We have not broken the lower (red) trend line since the $20,000 all time high in 2020. With the current momentum and increasingly bullish news on crypto I would not bet against Bitcoin at this point. Expect major movement of Bitcoin in the coming weeks as it possibly forms another ascending wedge toward the golden pocket.
Possibly long entries at the break of the ascending triangle (60,000) or wait for the break of previous all-time high, with volume coming in. If you are into stop losses you can put them around 57,000.
Stay safe out there.
Possibly long entries at the break of the ascending triangle (60,000) or wait for the break of previous all-time high, with volume coming in. If you are into stop losses you can put them around 57,000.
Stay safe out there.
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.