So recently after our pullback to our heavy support levels between 55K-57K, we have seen Bitcoin Come back a solid 10%, breaking out of our long term daily trend line after being rejected a few days prior. As you can see on the 4hr timeframe we have recently opened a new 4hr candle about the 1.618 Fibonacci retracement level on our daily chart long term previous high and low. This in my opinion is a potential start for Alt Season.
The most recent W pattern shown on our 4hr Chart gives us a Entry Point for the neckline of the breakout at the price of $61,050 coinciding exactly with out 1.618 Level. Giving us our first target price of $62.861 and using the neckline to the lowest wick on the W pattern gives us our second target price of $63,640.
Always of course, taking profits off of the table before our price target. this trade in particular I am person going to hold open. After taking a small amount off of the table and adjusting my stop loss to the break even mark, making it a free trade, easing the emotion and attachment to the trade itself, freeing up funds for other potential opportunity's ahead.
This Is still very bullish and I am still very bullish on Bitcoin. Being a new ATH, we could see our target almost immediately and significant moves for BTC today with possible sights of 65K before the week is out.
What's Your Thoughts??!
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Both Target Prices Hit.
Currently holding around the 63.5K area. with a slight drop upon the US market open. With the approach of the Coinbase IPO due we should see some significant moves within the price of Bitcoin and Potentially the rest of the cyrtpoeconomy.