bwy
Long

BTC/USD Target $440

BITFINEX:BTCUSD   Bitcoin / Dollar
The uptrend on the daily is progressing nicely.

Volatility is still relatively low, which is a great sign for a strong trend. This is shown by the ATR indicator which is the 10 period ATR versus the 200 period ATR.

RSI is inching close to 70 which is likely to go above 70 for that final push we need to break above $305.

The price has formed an ascending triangle which if broken puts us likely at $440 price target.

Some people are nervous this will not break $305 at the moment, but I'm still rather confident it likely will at some point here. The weekly 20 period CCI is crossing above 0 at the moment.

I'm happy to finally see bitcoin back on an uptrend, it sure was a long downtrend. Now don't fall off the horse.
Douglas-Squirrel
2 years ago
what time frame do you have for your target of 440? Do you expect heavy resistance at the long term log downtrend line?
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bwy PRO Douglas-Squirrel
2 years ago
Honestly I normally never try to pick profit targets, but $440 is an interesting number as it was a first target on the way down after breaking $550. I don't expect it to go straight up to $440. I'm sure there will be corrections along the way (the log downtrend line is a good spot for a correction), but if I had to guess I would think that once we break $305 the trend is likely to move a bit faster than it has so far (so perhaps another month to go). Currently I think we're still in the stage where the average person is still questioning the trends ability to run further. Once $305 breaks that might start to change. @BallerTrader came up with $420 as a target by different means so I find it interesting that there might be something about that $400 area. The key is getting above $305 as that should change some opinions on this trend being real.
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