Bitcoin BTCUSD - BULL VIEW ... BUT not before A -25% RETRACEMENT
I really believe BTC can pass 200k by the end of the year (target 2).
At the moment, despite the huge pump in the previous 24h (we are at $60.300) I still believe that in order to move up again we need to retrace at around $43.000 in the next 20-40 days.
In all the previous new ATH, bitcoin has made a retracement between -22% and -29% and I think that we can see this again also considering the recent decrease in volume. Furthermore we are quite far from the 200 MA and it's a while that the RSI is not moving close to the oversold. Bitcoin is not new to false movement (it seems to have broken a bullish triangle) and double top and I think we are exactly in that situation.
Furthermore, this would be an healthy stop that would allow investors to buy back the BTC at a lower price fueling the bull run again.
At the moment the run seems to have lost power and indeed in the BTC history a price consolidation that was following an ATH, usually took as a consequence an average -25% correction.
I think that my view could be soon confirmed if the price will come again below 60k in the next 24/48 hrs.
At the moment, despite the huge pump in the previous 24h (we are at $60.300) I still believe that in order to move up again we need to retrace at around $43.000 in the next 20-40 days.
In all the previous new ATH, bitcoin has made a retracement between -22% and -29% and I think that we can see this again also considering the recent decrease in volume. Furthermore we are quite far from the 200 MA and it's a while that the RSI is not moving close to the oversold. Bitcoin is not new to false movement (it seems to have broken a bullish triangle) and double top and I think we are exactly in that situation.
Furthermore, this would be an healthy stop that would allow investors to buy back the BTC at a lower price fueling the bull run again.
At the moment the run seems to have lost power and indeed in the BTC history a price consolidation that was following an ATH, usually took as a consequence an average -25% correction.
I think that my view could be soon confirmed if the price will come again below 60k in the next 24/48 hrs.
Note
We got to the target. Now let's see if it will bounce from here toward 100k ... or no :-)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.