BTC/USDT Relieve breakout in October. 68k next with BTC ETF?
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 purple resistance line. We went pretty straight back to 48k$ and touched the local resistance line.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows a breakout as well and hovers above the 50 line. Even the support and resistance line of 55 was passed.
- Support lines are at 41k$ and 30k$. The ascending yellow line can act as support as well.
- Resistance lines are at 48k$, 52.5k$ and 59k$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last three resistance lines before price discovery.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We expect some consolidation around 48k$ before we get through and a struggle around the 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 purple resistance line. We went pretty straight back to 48k$ and touched the local resistance line.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows a breakout as well and hovers above the 50 line. Even the support and resistance line of 55 was passed.
- Support lines are at 41k$ and 30k$. The ascending yellow line can act as support as well.
- Resistance lines are at 48k$, 52.5k$ and 59k$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last three resistance lines before price discovery.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We expect some consolidation around 48k$ before we get through and a struggle around the 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.
Related Ideas
