BTC SLOW UPTREND, RETEST 51K BETWEEN 1700-1900 EST TODAY (04MAR)
Measuring the average uptrend angle since correction on 23 February is around 57 degrees. Adjusting for the 72 hour timeframe and current uptrend angle we arrive at 47 degrees uptrend. Factoring in the range of growth on each swing, we arrive at 3 possible price targets on this current movement.
If BTC continues up along this current channel, we will retest resistance around 51k between 1700-1900 Eastern Time (NA) today. If it fails to break out, possible drop to retracement support zones around 49k or 46k and prolonged correction period.
As noted in other TA, the previous corrections in this current bull cycle averaged around 10 days longer than what the late February correction reported, though at a notably slower downtrend. Long term sentiments remain bullish but short term may see additional correction over the next week due to how quickly we appeared to recover.
If we break through resistance at 51k, continuing this current channel would put us on a path to retest 60k by the second week of March.
This is assuming that over the coming week we do not see any significant new news regarding the US stimulus, bond yields, or miners selling off significantly more than they have been. It is worth noting that overall minors outflow to exchanges is continuing to increase, but this is also the byproduct of industry money flowing into crypto willing to buy up more BITCOIN at these prices, which builds stronger support for BITCOIN long term, even if short term it leads to bearish turns.
If BTC continues up along this current channel, we will retest resistance around 51k between 1700-1900 Eastern Time (NA) today. If it fails to break out, possible drop to retracement support zones around 49k or 46k and prolonged correction period.
As noted in other TA, the previous corrections in this current bull cycle averaged around 10 days longer than what the late February correction reported, though at a notably slower downtrend. Long term sentiments remain bullish but short term may see additional correction over the next week due to how quickly we appeared to recover.
If we break through resistance at 51k, continuing this current channel would put us on a path to retest 60k by the second week of March.
This is assuming that over the coming week we do not see any significant new news regarding the US stimulus, bond yields, or miners selling off significantly more than they have been. It is worth noting that overall minors outflow to exchanges is continuing to increase, but this is also the byproduct of industry money flowing into crypto willing to buy up more BITCOIN at these prices, which builds stronger support for BITCOIN long term, even if short term it leads to bearish turns.
Comment:
Correctly aligned snapshot here:
