Couldn't get any more dumbed-down. When we get close to the orange line... SELL!!!
Likely we pullback from the dizzying bull run for a retest of the upper-trending support, followed by another push upwards to retest of the 28,570 high and entry into the yellow resistance band.
Looks like we're setting up another bull flag here and will most probably blast upwards in the next day or so to the $50k resistance level.
We will be in this second longer bull flag for the greater part of February before breaking out to the upside, with a target of 53k.
Looking for a peak high sometime at the end of 2021. September looking like the likely target. Price high prediction: 138k. HODL
If we cross the line on the daily candle we could dip all the way down to $11123, or $10931 in a more severe move. However I think we will probably bounce off the bottom line and go higher to $12783, remaining in the channel, and eventually breaking out of it on the upside.
Short term target: $12687 before a possible pullback
We will go sub 11k before reversing course and testing 12k again
We will be in a new trading range for several weeks before another test of $12k. This next one will likely break and go higher though.
Looks likely and perhaps lower before a strong push above $12k, in the next two/three months.
This pattern of a sudden upward swing, mimicking last year's move, appears headed towards a steady climb to the top of the channel ($19k) by mid Feb.
Third incursion into 10,000 for BTC. Will this be the launchpad to 12,000?
If we don't bounce off that purple baseline, we could go down to 8000
ETCG is tanking with a large book of institutional shorts waiting to profit, even though the underlying asset ETH is fairly stable and moving upwards. BEAWARE of Greyscale ETFs!
Waiting to see when BTC breaks out of this channel after the reset. Either way the move will be pretty big after the breakout... 20% in one way or another.