Well, things are certainly interesting now! This chart is long, because the overall sentiment is long. I will simply assume a correction, and will call where I believe the buy-ins would be best.
Bitcoin rallied past the $50,000 mark, confusing everyone! So what now? We have made it pretty far up, and sticking to round number theory - I believe we should be hitting around $60,000 before cooling off.
We have diverged pretty far from the 200MA, we may be able to connect again on this next break, we will see!
And just to kind of prove a point I have been hinting at for a while, I included a graph of 2017 vs 2021..... It will be your decision to make of what is happening, though.
So we have a 60k target, and then what? Is 30k out of the question? Let's see where the 200MA is.. $20,000? Interesting. Assuming we climb to $60,000 we should see an increase of the 200MA to about $24,000
Target 1: $40,000 - $44,000
Target 2: $30,000 - $34,000
Target 3: $20,000 - $24,000
Before I go further, I will check these levels with a Fib Retrace Tool.
Fibonacci Targets (Assuming a $60,000 Top):
Target 1: $41,500
Target 2: $35,200
Target 3: $29,800
I will redraw once we have a confirmed top.
Bitcoin rallied past the $50,000 mark, confusing everyone! So what now? We have made it pretty far up, and sticking to round number theory - I believe we should be hitting around $60,000 before cooling off.
We have diverged pretty far from the 200MA, we may be able to connect again on this next break, we will see!
And just to kind of prove a point I have been hinting at for a while, I included a graph of 2017 vs 2021..... It will be your decision to make of what is happening, though.
So we have a 60k target, and then what? Is 30k out of the question? Let's see where the 200MA is.. $20,000? Interesting. Assuming we climb to $60,000 we should see an increase of the 200MA to about $24,000
Target 1: $40,000 - $44,000
Target 2: $30,000 - $34,000
Target 3: $20,000 - $24,000
Before I go further, I will check these levels with a Fib Retrace Tool.
Fibonacci Targets (Assuming a $60,000 Top):
Target 1: $41,500
Target 2: $35,200
Target 3: $29,800
I will redraw once we have a confirmed top.