Long

bitcoin key technicals

Updated

There is a lot going on in the bitcoin chart, marked what i think is important to watch.
Key level remains 10500, which when broken down would make it look bearish/sideways

Note

bitcoin remains in the consolidation trend for now, moving outside of the triangle slowly.
it was too early to form the sharp channel.

Note

btc trying to break free from the conolidation trend and increase momentum

Note

hit wolfe wave target

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i expect that btc will try to hit 32k by early january already (if it manages to break out from the old ath) and there will be a good place to take some profits off the table

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the 32k target is in reach, i expect a correction there, which should be a buy opportunity for sideliners similar as in summer 2017

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outer channel target is hit, so likely it will pullback from here

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price didnt stop at the channel resistance, all it did was a shortlived 20% quick dump and now moving higher and entering bubble territory

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btc holding up above the outer channel, if it remains like this we can search for new higher targets soon and make a new chart

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the teal channel which seemed crazy to most turned out to be lowball
so we can draw the more retarded one which could be hit in the cycle, we can also watching the monthly rsi which had hit 96 in the previous cycles

koryu

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