BTC Hits ATH at 61800! Where Will the Price of Bitcoin Go Next?
So far, I already hit my bullish price target at the 57367 region as represented by the yellow star and still waiting for the price to hit my higher target at 65200 region.
Bitcoin has finally hit all time highs having reached as high as the 61800 zone, but if we look into the daily time frame we can see that the volume is not as significant as to bullish trends towards prior ATH's so we have to be careful about that. Especially since the CME is closed over the weekends while we hit the recent ATH, they probably will want to "fill the gap" or push prices back to March 12 (Friday) levels so that they can also catch the ride up towards the ATH price area.
I have spotted an ascending channel pattern and alongside with using the RSI indicator, we can see that we are at overbought levels already. I have encircled them with neon green color.
There is a big possibilty that prices will come back down to the 57000 to 58000 region. 57000 area is exactly where the 0.236 Fibonacci retracement line is located. We may have sideways movement for the meantime while still inside the ascending channel.
After the sideways movement, we will then see the next price target retesting all time highs before going on towards my price target at 65200 region.
Feedback and suggestions are appreciated, thanks!
Bitcoin has finally hit all time highs having reached as high as the 61800 zone, but if we look into the daily time frame we can see that the volume is not as significant as to bullish trends towards prior ATH's so we have to be careful about that. Especially since the CME is closed over the weekends while we hit the recent ATH, they probably will want to "fill the gap" or push prices back to March 12 (Friday) levels so that they can also catch the ride up towards the ATH price area.
I have spotted an ascending channel pattern and alongside with using the RSI indicator, we can see that we are at overbought levels already. I have encircled them with neon green color.
There is a big possibilty that prices will come back down to the 57000 to 58000 region. 57000 area is exactly where the 0.236 Fibonacci retracement line is located. We may have sideways movement for the meantime while still inside the ascending channel.
After the sideways movement, we will then see the next price target retesting all time highs before going on towards my price target at 65200 region.
Feedback and suggestions are appreciated, thanks!