Bitcoin in a squeeze, looking for next target $45,000
BTCUSD dipped to the 50% retracement area at $29,000, and has consolidated for about a month. Although it has gone up since that bounce already, it has formed a nice base and is in a textbook squeeze (red dots on bottom indicator), and the squeeze is looking like it is going to fire long (dots turn green) and continue the uptrend.
The MACD is also turning up and looking to reverse higher.
First target is the 1.272 projection of the recent high to low @ $45,500, and then PT2 is $51,000.
The MACD is also turning up and looking to reverse higher.
First target is the 1.272 projection of the recent high to low @ $45,500, and then PT2 is $51,000.
Comment:
PT 1 reached fairly quickly. Thanks Elon.
Comment:
PT 2 reached a few days ago. We're way past it. BTC just touched the 2.272 extension at $58k. At this point, just moving stop loss to above original buy price and holding the rest of for the long term.