Jan 19, 2023 3:40PM UTC $BTC/USD trading at $20.9k
While most would feel that the current pump is overextended, if we zoom out on the higher timeframes like the Weekly, Monthly, 3M, and 6M, we're essentially just starting. Coming from my previous prediction of $BTC hitting $20k, I'm betting we get to $24k first before any major correction. RSIs have already cooled down too, ready for the next leg up.
Pullbacks may be possible, but only to $19k to $18.6k at the lowest. With us reclaiming a very important $17.6k level last week, and ending the downtrend structure, this push upward makes sense. Historically, bouncing from $17.6k has given a bullish upward move of at least 40%. We are currently halfway there, with around $25k as target.
I do believe $25k will also be met, but only $24k is what I can guarantee and predict for now. Plenty of nice confluences show up like EMA 50 and 200 crossing exactly at the area of May '22s lowest wick, which also marks the swing high bounce from June '22 lows.
The bounce from June '22 lows into Aug '22 highs was a huge bull trap, sparking a very clean pattern of downtrend until the most recent pico bottom of $15.47k in November '22. Why this pump currently doesn't seem to be a bull trap (at least for now), is the sheer size of the body of its candlestick. While June '22 lows bouncing up to Aug '22 had a slow climb, and evidently we saw the same pattern of downtrend for the weeks that followed, our current situation shows a more aggressive recovery, which to me signals more of a reversal than just a corrective move.
Exciting times. Looking forward to see this come into fruition. Cheers!
While most would feel that the current pump is overextended, if we zoom out on the higher timeframes like the Weekly, Monthly, 3M, and 6M, we're essentially just starting. Coming from my previous prediction of $BTC hitting $20k, I'm betting we get to $24k first before any major correction. RSIs have already cooled down too, ready for the next leg up.
Pullbacks may be possible, but only to $19k to $18.6k at the lowest. With us reclaiming a very important $17.6k level last week, and ending the downtrend structure, this push upward makes sense. Historically, bouncing from $17.6k has given a bullish upward move of at least 40%. We are currently halfway there, with around $25k as target.
I do believe $25k will also be met, but only $24k is what I can guarantee and predict for now. Plenty of nice confluences show up like EMA 50 and 200 crossing exactly at the area of May '22s lowest wick, which also marks the swing high bounce from June '22 lows.
The bounce from June '22 lows into Aug '22 highs was a huge bull trap, sparking a very clean pattern of downtrend until the most recent pico bottom of $15.47k in November '22. Why this pump currently doesn't seem to be a bull trap (at least for now), is the sheer size of the body of its candlestick. While June '22 lows bouncing up to Aug '22 had a slow climb, and evidently we saw the same pattern of downtrend for the weeks that followed, our current situation shows a more aggressive recovery, which to me signals more of a reversal than just a corrective move.
Exciting times. Looking forward to see this come into fruition. Cheers!
Trade closed: target reached
