Long

Bitcoin to move toward 48k

Updated

Hello traders!

During my previous analysis I talked about the probability of a bullish breakout from the falling wedge pattern and we followed that prediction to the T! After retesting the top trendline of the wedge several times, we hit our first target which was the area between 40 and 42k (previous ATH ).

After a short, expected correction, I believe chances are for us to move towards our next targets, which are at 44k ( cup and handle target) and 48k-52k as my final targets for this short-term move.

As I mentioned, 37.5k was an important level to break and now we found support at this very level, which is a very good sign. The lowest we could go to still remain bullish is around 35k, which currently coincides with the 21 daily EMA . ALTs also showing a lot of strength and I think we could finally be in for an ALT season!

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Note

As expected, we rallied up to 44k (less than 1 hr after I posted). The move was so fast that I don't think 44k will hold for much longer, but it still shows clear signs of resistance.

Note

2nd target hit! The trade is up more than 20% already! 48k is the new level to break now. A correction to 44k or even to 41k would be normal, but it wouldn't surprise me if the bulls could push this over 50k this week, considering the huge buy pressure.

Note

Spot-on analysis: 48k target hit and a correction to the first support at 44k. I Hope we find enough strength to bounce off this otherwise another entry at 41k will present itself for the bullish scenario. These 2 price levels are important Fibonacci retracement levels as well.

Note

Again we bounced off the support perfectly and are now testing the top of our channel. A breakout would most likely result in a rally to 50k-52k

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Comment: Btw a trade from 44k to 48k is 10% so these moves can be traded very nicely, even "just" for 10% profits. However, a break of the resistance is more likely in the next few hours/days

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I might be wrong but I think a strong break of 48k resistance is imminent :D

Note

BREAKOUT in progress, it would be invalidated if we drop below 48k. Short-term targets are 50k and 52k but I think this could rally much higher than expected since Bitcoin is getting a lot of public attention right now. I wouldn't be surprised to see a rally to 60k soon BUT I am expecting a brutal correction once this last push is over.

Note

Since it's the weekend, it's not unexpected we will have to wait a bit more for a stronger move, I think tomorrow could become a bit more...volatile :D Hopefully upwards, it sure looks bullish with alts popping off at the same time.

Note

Slowly but surely we are rallying towards 58-60k region in my opinion. The market is in retail FOMO mode so it wouldn't surprise me to see a huge move to the upside, followed by a brutal crash, which will be an amazing buy opportunity.

Bitcoin will in my opinion have a big correction soon (expecting it in March) but altcoins still have a lot to show! In January 2018 the biggest run for ALTS was when Bitcoin was correcting and it seems this pattern may repeat itself.

Before I can call a top on Bitcoin I need to see a final rally which will make the retail over-optimistic and when we get the correction everyone needs to be screaming this is the end of the bull market, only then we start buying again.

For now I will be slowly collecting profits on Bitcoin and investing the profits in altcoins + have some Tether ready to buy the dip.

MyCryptoMoment

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