The RSI is clearly in the bull zone. And we appear to be essentially parabolic at this point. I believe all these ideas predicting pullbacks at every level up to 20k, are going to result in us squeezing straight through to a new high.
Fundamentally, bitcoin is win-win at the moment.
If coronavirus is cured and the markets propel forward on good economic recovery news, there's more money for bitcoin. If its all doom and gloom, governments print money to save their economies, then Bitcoin becomes the inflation safe haven and more money for Bitcoin.
Last time we were at this MACD level, opening up on the weekly, we went up 13k in 2 months. Which would put us at 24k target price over the next month or two. This should also drive the macd up to around it's previous all time high. At which point, you would expect the market to pause, perhaps retest the previous 19k high for support. And then we're free for the next run-up!
If that happens; then we're going to see the mother of all buy signals with an all-time MACD high touch, ease off, then power through. Historically when that has happened on larger indices the price never goes back below that point. And the markets rocket upwards. Which would give Bitcoin the technical fuel to achieve the more outlandish price predictions; 40k right up to lottery winner levels.
But this is just an idea at this point... based on 3 assumptions:
1) Bitcoin is experiencing the start of its next big bull run.
2) We power through, invalidating all these ideas for a significant pull back on/before 20k.
3) We touch the previous macd high, and then push through it a few weeks later!
If they're valid... then 2021 should be a very pleasant year provided you don't meddle too much and miss out on the easy bull money!
Fundamentally, bitcoin is win-win at the moment.
If coronavirus is cured and the markets propel forward on good economic recovery news, there's more money for bitcoin. If its all doom and gloom, governments print money to save their economies, then Bitcoin becomes the inflation safe haven and more money for Bitcoin.
Last time we were at this MACD level, opening up on the weekly, we went up 13k in 2 months. Which would put us at 24k target price over the next month or two. This should also drive the macd up to around it's previous all time high. At which point, you would expect the market to pause, perhaps retest the previous 19k high for support. And then we're free for the next run-up!
If that happens; then we're going to see the mother of all buy signals with an all-time MACD high touch, ease off, then power through. Historically when that has happened on larger indices the price never goes back below that point. And the markets rocket upwards. Which would give Bitcoin the technical fuel to achieve the more outlandish price predictions; 40k right up to lottery winner levels.
But this is just an idea at this point... based on 3 assumptions:
1) Bitcoin is experiencing the start of its next big bull run.
2) We power through, invalidating all these ideas for a significant pull back on/before 20k.
3) We touch the previous macd high, and then push through it a few weeks later!
If they're valid... then 2021 should be a very pleasant year provided you don't meddle too much and miss out on the easy bull money!