TradingShot

BITCOIN testing the Underlying Trendline again. $14300 possible?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
So Bitcoin has started to show some activity again. Do you remember the 'Underlying Trend-line' which I initially published in June and revised in July? At that time, I called it "the most consistent trend-line since March":


Guess what. Not only does it still remain relevant to this day but also BTC is testing it again right now. This line is displayed by the white dashed line on this chart. As you see every time the price breaks above it, a very strong daily rally follows. As back in April, BTC has again formed a Channel Up on its 1D RSI , which represents accumulation on the actual price action. It is probably a matter of time before this breaks upwards.

An important parameter of this price action within the Channel Up, is that if we take the 3.000 Fibonacci extension from the 3rd High after the previous top, it gives us the next Top. If that feature stays valid this time also, then we are looking at a next Top around $14300.

What do you think? Is it worth buying now for roughly a $14k target? Feel free to share your work and let me know in the comments section!

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BONUS MATERIAL. It is not the first time this trend-line and fractals within this Channel Up, provide the framework for very accurate projections. Take a look below:



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Comments

Bitcoin About To Go Parabolic *WARNING IMPORTANT VIDEO*
+4 Reply
TradingShot MartyBoots
@MartyBoots, Fully agreed Marty!
Reply
Good Analysis Thanks for sharing
+2 Reply
@IUFCFA, You're welcome!
Reply
Hey TS, yah could be... right now your trend line sits about 12,200... that would correlate with a break above the current upper BB, and also piercing through the -0.236 autofib level to test the -0.382. If today or tomorrow BTC can close above the closing price on Sept 1st at around 11,924 then the next higher mark from price structure directly is from Aug 17th around 12,304 which is just below that -0.382 autofib level currently.

If all that happens here soon and it heads on up higher to break through the -0.618 autofib level at around 12,725... your 14,000 mark could very well be next!
+2 Reply
TradingShot cosmicnexus
@cosmicnexus, Hey Nex. Well said regarding the -0.382 that is the next target level for me too. I believe 14k can be reached before the elections.
Reply
cosmicnexus TradingShot
@TradingShot, well it's certainly within reach alright... I'd love to see that myself, so I'm hoping for it along with you!
+2 Reply
TradingShot cosmicnexus
@cosmicnexus, What do you think about today? The pattern seems to be fulfilled!
+1 Reply
cosmicnexus TradingShot
@TradingShot, indeed it will be if it closes today above the -0.618 autofib level around 12,725! It's been up there already but pulled back a tad at the mo... I'm watching it like a hawk!
Reply
cosmicnexus cosmicnexus
@cosmicnexus, running a test to see if by using Chrome I still get these horrid captchas that run 8 one after the other in a freakin' row every time I try to post or reply here of late. Very annoying, thinking maybe it's the privacy settings in Brave causing it.
Reply
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