Fellow Fools, Trader's and Crypto Enthusiasts! What a day for crypto! As Bitcoin breaks above it's all time highs, people want to know, how high are we going to go?
We'll go into more detail on a lot of the other reason another time. But for now, we will go into some of the technical reason's we believe Bitcoin will continue higher and go over some targets.
1. The ascending triangle has broken to the upside and we are creating new All Time Highs. This is rather bullish in any market and this, coupled with the Coinbase IPO and a lot of institutional buying could really keep the buying pressure on Bitcoin for some time.
2. RSI - If we notice the RSI formation, we can see that it's starting to break it's downward trendline, a clean break would indicate that there is underlying strength for a continued move to the upside.
3. MACD - Has also crossed to the upside, further ratifying the underlying strength of Bitcoin.
4. Ethereum - All Time High's have already been breached and Ethereum continues it's ascent upwards. Since Ethereum is the leader, we expect Ethereum to be a leading indicator when we start getting a pull back.
That's great, but just how high are we going? If we measure the last recent rallies from the 30% corrections and especially the corrections in 2017, we find that a lot of these dips had on average, a return of around 100% from those correction levels. If we use this average to measure how high we could go, it puts us at the $100,000 area for Bitcoin. more than likely, we will push up through this level before getting any type of pullback. This is also key psychological level people are watching and would also coincide with the top of the channel that Bitcoin has currently been forming.
Happy trading!
Cheers,
TCF
We'll go into more detail on a lot of the other reason another time. But for now, we will go into some of the technical reason's we believe Bitcoin will continue higher and go over some targets.
1. The ascending triangle has broken to the upside and we are creating new All Time Highs. This is rather bullish in any market and this, coupled with the Coinbase IPO and a lot of institutional buying could really keep the buying pressure on Bitcoin for some time.
2. RSI - If we notice the RSI formation, we can see that it's starting to break it's downward trendline, a clean break would indicate that there is underlying strength for a continued move to the upside.
3. MACD - Has also crossed to the upside, further ratifying the underlying strength of Bitcoin.
4. Ethereum - All Time High's have already been breached and Ethereum continues it's ascent upwards. Since Ethereum is the leader, we expect Ethereum to be a leading indicator when we start getting a pull back.
That's great, but just how high are we going? If we measure the last recent rallies from the 30% corrections and especially the corrections in 2017, we find that a lot of these dips had on average, a return of around 100% from those correction levels. If we use this average to measure how high we could go, it puts us at the $100,000 area for Bitcoin. more than likely, we will push up through this level before getting any type of pullback. This is also key psychological level people are watching and would also coincide with the top of the channel that Bitcoin has currently been forming.
Happy trading!
Cheers,
TCF
Opinions on Chart's, not financial advice.
