Finally, BTC has made another all-time high, which is also another higher high in the High-timeframe (HFT) structure. The price action today is quite important since it has made some crucial changes in the market structure that are worth pointing out:
1. Price has passed the previous high at ~$58k -> new higher high -> $43k is now officially confirmed as the higher low in the HTF structure -> as long as price above $43k, we are still in a bull market.
2. Now, we have shifted 2 old resistance zones into support zones at $50-52k and $55-57k. The Tenkan line (blue crooked line in my double Ichimoku indicator) is right now at $51.7k, indicating this is a relatively strong support zone now.
I kinda chickened out at $54k and reduced leverage because I underestimated the strong bullish momentum of BTC. Since that post, the deepest dip market could offer was just $53k, leaving no chance to buy lower. Since BTC has made a higher high now, it's a no-brainer to look for dips to build leverage position again. The monthly pivots R2 and R3 in the chart could provide hints where BTC price is heading next. Using this tool, I anticipate $68-70k and $82-84k are the two possible price targets to expect next. Moreover, if we prefer the price action of BTC in Feb08-Feb20 (when BTC successfully broke out $42k), BTC pumped like crazy and scored a 53% gain in 13 days. Assuming it has the same momentum right now, I would not surprise if BTC touches $84k target in the next few weeks.
Note: looking at Coinbase BTC outflows, it is so obvious that some big player(s) have constantly bought and withdrawn BTC during the last few weeks. My speculation is that some big name will announce their purchase of BTC soon, which will catalyze another wave of capital to fomo into the market.
Thank you for reading and have a great weekend.
1. Price has passed the previous high at ~$58k -> new higher high -> $43k is now officially confirmed as the higher low in the HTF structure -> as long as price above $43k, we are still in a bull market.
2. Now, we have shifted 2 old resistance zones into support zones at $50-52k and $55-57k. The Tenkan line (blue crooked line in my double Ichimoku indicator) is right now at $51.7k, indicating this is a relatively strong support zone now.
I kinda chickened out at $54k and reduced leverage because I underestimated the strong bullish momentum of BTC. Since that post, the deepest dip market could offer was just $53k, leaving no chance to buy lower. Since BTC has made a higher high now, it's a no-brainer to look for dips to build leverage position again. The monthly pivots R2 and R3 in the chart could provide hints where BTC price is heading next. Using this tool, I anticipate $68-70k and $82-84k are the two possible price targets to expect next. Moreover, if we prefer the price action of BTC in Feb08-Feb20 (when BTC successfully broke out $42k), BTC pumped like crazy and scored a 53% gain in 13 days. Assuming it has the same momentum right now, I would not surprise if BTC touches $84k target in the next few weeks.
Note: looking at Coinbase BTC outflows, it is so obvious that some big player(s) have constantly bought and withdrawn BTC during the last few weeks. My speculation is that some big name will announce their purchase of BTC soon, which will catalyze another wave of capital to fomo into the market.
Thank you for reading and have a great weekend.
