Back in January to start the new year Bitcoin was still around 18k and I posted an idea about Bitcoin gearing up for a massive runup toward 36k. Im not going to go deep into that post but I will post the link within this post.
I point that out due to the fact that even though we still have not hit that target yet, we still almost immediately after that post witnessed a massive runup in price.
The question now however, is are we still going to 36k? And what about beyond that?
The short answer is yes. I do believe we will get there and my reasons are as follows:
On this weekly chart, price is being squeezed between short term overhead resistance ontop - and a common shallow 38% retrace that was resistance now snuggly holding us as support on the bottom.
And in the coming days and few weeks, one can see that the resistance is going to open up and that pressure ontop of is going to release. What happens from that point is for anyone to speculate but a guess would be anything other than further sideways action as there will be nothing there to further box us in.
The overall pattern we are forming is technically bearish, yet the market structure of higher highs and higher lows is bullish. As always, one can only wait patiently for the breakout if your entry was not taken either at 25k or back in January when I published my bullish idea while we were still at 18k.
It should also be noted that us sitting perfectly on this 38% retrace is a big deal. Prices reverse at deep retraces.. not shallow retraces typically. If we are to reverse here, 29461.79 is what must be broken. And it must be broken not on the hourly.. not on the daily.. not on the 3 day.. but on the weekly time frame. Price can wick thru it but if it holds, I think shorts would be taking bets at a support level in the middle of a range.
If Bitcoin can break out of all of this resistance, including the upward sloping ascending channel, my profit taking target will be 36k, but I believe 38k and possibly even beyond that, will be the target.
I point that out due to the fact that even though we still have not hit that target yet, we still almost immediately after that post witnessed a massive runup in price.
The question now however, is are we still going to 36k? And what about beyond that?
The short answer is yes. I do believe we will get there and my reasons are as follows:
On this weekly chart, price is being squeezed between short term overhead resistance ontop - and a common shallow 38% retrace that was resistance now snuggly holding us as support on the bottom.
And in the coming days and few weeks, one can see that the resistance is going to open up and that pressure ontop of is going to release. What happens from that point is for anyone to speculate but a guess would be anything other than further sideways action as there will be nothing there to further box us in.
The overall pattern we are forming is technically bearish, yet the market structure of higher highs and higher lows is bullish. As always, one can only wait patiently for the breakout if your entry was not taken either at 25k or back in January when I published my bullish idea while we were still at 18k.
It should also be noted that us sitting perfectly on this 38% retrace is a big deal. Prices reverse at deep retraces.. not shallow retraces typically. If we are to reverse here, 29461.79 is what must be broken. And it must be broken not on the hourly.. not on the daily.. not on the 3 day.. but on the weekly time frame. Price can wick thru it but if it holds, I think shorts would be taking bets at a support level in the middle of a range.
If Bitcoin can break out of all of this resistance, including the upward sloping ascending channel, my profit taking target will be 36k, but I believe 38k and possibly even beyond that, will be the target.
