BTC is targeting to at least 80000
BTCUSDTBTC is targeting to at least 80000
1. Bulls are trying to make a new all-time-high now; While bears are waiting for a double top formed at around previous resistent level 64854 (High of Apr 14)
2. BTC continues to climb up from Sep 21 to Oct 20, which has already reached its measured movement target. So that, if more bears join at level 64854, previous resistent level 52920 (High of Sep 7) could be re-tested. Then, more bulls will join to try to make it 80000.
3. Unlikely previous two legged pull back from Sep 7 to Sep 21, which even tested 200ema multiple times, uptrend this time is much stronger and pull back get support from 20ema. If bulls break out and have a good follow through, an ABCD target 84000 could be reached.
4. Look at volume. On Sep 7, volume is almost twice of average. But on Oct 21, volume is as the same as average. It means, less bears short or less bulls take profit at this time. It looks more likely a health pull back, instead of buy climax.
5. BTC market cap dominance % is at around 42%, which makes a higher low on previous double bottom (around 40%). It shows that more and more crypto investors are transfering assets from alt coins to BTC.
6. As a conclusion, BTC is still in a strong bull market. Bulls can join immediately to bet on a spike to new ATH , or waiting for a deep pull back to enter at around key level 64854.
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.