BTCUSD $75000 possible if 1week RSI gets overbought.
Well Bitcoin / BTCUSD did it again and shorters are left stumbled.
Using the 1W MA50 as Support, it made a new 17 month high, reaching May 2022 levels.
Inside the long term Channel Up however, the price remains between the 0 - 0.236 Fibonacci range, which is the long term Buy Zone, indicating its huge bullish potential.
The 1week RSI hit 70.00 and if it suprasses it, it will only be the 2nd time since May 2019 to do so.
Both overbought crosses made the price jump from the 0.236 Fibonacci to at least the 0.5.
Consequently, if the RSI does this favor for a 3rd time, a very aggressive parabolic rally as high as $75000 (0.5 Fib) is technically possible in as quickly as 2 months.
Of course everyone expects fundamentally the big move to start after April's (2024) Halving but who can bet against BTC, especially if the ETF is accepted?
Previous chart:
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Using the 1W MA50 as Support, it made a new 17 month high, reaching May 2022 levels.
Inside the long term Channel Up however, the price remains between the 0 - 0.236 Fibonacci range, which is the long term Buy Zone, indicating its huge bullish potential.
The 1week RSI hit 70.00 and if it suprasses it, it will only be the 2nd time since May 2019 to do so.
Both overbought crosses made the price jump from the 0.236 Fibonacci to at least the 0.5.
Consequently, if the RSI does this favor for a 3rd time, a very aggressive parabolic rally as high as $75000 (0.5 Fib) is technically possible in as quickly as 2 months.
Of course everyone expects fundamentally the big move to start after April's (2024) Halving but who can bet against BTC, especially if the ETF is accepted?
Previous chart:
Follow us, like the idea and leave a comment below!!
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