BTC/USDT Bullflag within rising channel. Is 60k$ next?
Intro:
- Bitcoin is the first of its kind as cryptocurrency and is looked at a store of value like gold , just better.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price shows a breakout above the yellow resistance line. We now form a bullflag within a rising parallel channel drawn in purple.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers. Considering only the last 10 days volume starts to increase.
- RSI analysis shows a breakout as well and faces resistance around the 70 line. If we see an upwards breakout for the bullflag we also will see an upwards breakthrough for the RSI.
- Support lines are at 52.5k$, 48k$, 41k$ and 30k$. The bottom of the parallel channel can act as support as well.
- Resistance lines are at 59k$ and possibly around 64k$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last resistance lines before we head into price discovery.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We expect a bullflag breakout within the next 10 days. Our next target is 60k$.
- End of the year prediction: We will see a 100k$+ Bitcoin before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- Bitcoin is the first of its kind as cryptocurrency and is looked at a store of value like gold , just better.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price shows a breakout above the yellow resistance line. We now form a bullflag within a rising parallel channel drawn in purple.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers. Considering only the last 10 days volume starts to increase.
- RSI analysis shows a breakout as well and faces resistance around the 70 line. If we see an upwards breakout for the bullflag we also will see an upwards breakthrough for the RSI.
- Support lines are at 52.5k$, 48k$, 41k$ and 30k$. The bottom of the parallel channel can act as support as well.
- Resistance lines are at 59k$ and possibly around 64k$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last resistance lines before we head into price discovery.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We expect a bullflag breakout within the next 10 days. Our next target is 60k$.
- End of the year prediction: We will see a 100k$+ Bitcoin before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
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