It's fun to make wild predictions when BTC is on the move. Let's dust off the ol' crystal ball and see what it says. The launch of the bull run started last year in March after the sharp recovery from the dump and the train is still moving onwards full speed. The recent price action might have been just a little curve on the track. It is now the final run to the station? It very well might be. Since March there was a nice upward channel that BTC was respecting until it broke down for a little while. The recovery back into the channel was swift and the downside targets weren't met, catching some bears off guard. BTC then moved up sharper breaking the channel to the upside. I was thinking at the time if the channel breaks upwards it wont stop until the 40k - 45k mark. I was thinking that based on fib extension level. After the 40k was conquered things started to wobble. I was thinking at the time BTC will make a move to 21 weekly EMA level as it has done so many times in the past. But looks like that downside target will not be met once again. BTC is challenging ATH again and it is the most likely scenario at this point. Even though anything is possible with an asset like BTC, my thought will be go with the current trend. My crystal ball is telling me if the downside target hasn't met, BTC will do what it did the last time and crush the upside leaving the bears in the dust again. BTC is on its way to challenge the topside of longer term upward channel once again. Last time it touched that line was the 41 K prior top. If things play out like last time and the topside of the long term channel breaks, then it won't whimper out. I have drawn the fib extension levels from the 41 k top to the recent bottom of this consolidation. 1.618 extension level is overlapping the channel top at the end of February at around 52K. I will be looking at the various fib extension level if that breaks. And if BTC pokes its head above each level, the next will be in play. Just like the last time, when the channel broke to the upside, BTC made a 20% move in less than a week. The same might happen again the next time. The 2.168 and 3 extensions will not be too crazy within some short weeks.
It is the crystal ball saying all these things. Personally, I will stay disciplined and take profit and set stop loss. Now it is time to watch the RSI indicator on the daily and weekly time frame for signs of cracks. Risk management will always be the key to accumulating more BTC over time, through the bull and bear markets. It's just easier when things move up. Let's see what happens.
It is the crystal ball saying all these things. Personally, I will stay disciplined and take profit and set stop loss. Now it is time to watch the RSI indicator on the daily and weekly time frame for signs of cracks. Risk management will always be the key to accumulating more BTC over time, through the bull and bear markets. It's just easier when things move up. Let's see what happens.
