BitcoinLong
Bitcoin 22k till the end of the year!
Updated
This is a bold call... in terms of the timeframe not in terms of the price - cause I am pretty confident Bitcoin will eventually reach and go well beyond it's ATH establish in Dec'17.
Technical perspective:
We still are in a 2 year price consolidation triangle. Inside it we are about to complete the 5th Elliot Wave - after that we will be ready for a strong breakout.
This formation is confirmed by the way volume is shaped. The strong bullish impulse that formed the triangle high was supported by a great volume, on the other hand, during the retracement and consolidation period volume has been falling steadily.
The first Fibonacci extension (1.13) from the last ATH is around 22 500 $ (orange dotted line). This converges with the triangle height if the triagle breakout should occur in Jun/Jul'20.
Let's bear in mind that in mid May we will experience a long awaited Bitcoin halving which will reduce the Bitcoin supply by 50%! overnight!
Gl & Hf ;)
Technical perspective:
We still are in a 2 year price consolidation triangle. Inside it we are about to complete the 5th Elliot Wave - after that we will be ready for a strong breakout.
This formation is confirmed by the way volume is shaped. The strong bullish impulse that formed the triangle high was supported by a great volume, on the other hand, during the retracement and consolidation period volume has been falling steadily.
The first Fibonacci extension (1.13) from the last ATH is around 22 500 $ (orange dotted line). This converges with the triangle height if the triagle breakout should occur in Jun/Jul'20.
Let's bear in mind that in mid May we will experience a long awaited Bitcoin halving which will reduce the Bitcoin supply by 50%! overnight!
Gl & Hf ;)
Trade closed: target reached
GREAT SUCCESS! :D
Related publications
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.