Hello, traders!
It's been a crazy week for Bitcoin and now is the best time to set out targets for the nearest future. BTC has recently been somewhat uncertain, undecided on which direction it wishes to move next. After BTCs huge rise from $9000 USD to $12000 USD the cryptocurrency has spent most of August trading between $11000 USD and $12000 USD. However, during this time it seemed as though BTC was ready for a move up after a significant move above the ascending triangle. The breakout was significant and the formation had numerous validation points. This would have likely caught out many traders because as demonstrated on the chart, this was a failed breakout for BTC.
The next significant level of support for BTC is currently $10900 USD. This support level has acted as both support and resistance multiple times for BTC as demonstrated in the examples below.
If BTC moves down to $10900 USD it currently appears very unlikely that BTC will fall lower than this. A fall down to $10900 USD would keep BTC in its trading range since the start of August. BTC would also remain within the long term parallel channel which it has been in since March, as demonstrated below.
BTC appears likely to be in the stage of the 4th wave. Unless a breakout of the channel occurs then BTC will remain within it, we could see a similar situation which was seen between May towards mid – July. This would see BTC heavily stagnate before hitting the upwards support of the parallel channel. If this scenario occurs, once this is hit we could see another bullish run before the end of year.
There is currently the general assumption that the movements since March have been seen in an impulsive wave rather than a corrective wave. However if the movements since March are in fact a corrective wave then BTC and the rest of the cryptocurrency market will see huge losses in the coming weeks. Although this is very unlikely as this wave is showing the characteristics of an impulsive wave.
BTC/USD price targets
Bullish price targets
$12450 USD + 6% – $12450 USD is definitely a realistic target for BTC in the coming week. BTC could use the indicators to carry itself towards this level as it still has a slight bullish bias. However a break above $12450 currently looks in doubt. The likelihood of BTC hitting $12450 USD is high.
$13500 USD + 14.5% – BTC currently is bullish, although not that bullish. There are key indicators such as the MACD which are currently bearish and with the curve off seen with the Heikin Ashi it appears that BTC does not have the momentum to make a huge +14.5% move towards $135000 USD. The likelihood of $13500 USD being hit is very low.
Neutral price targets
$12000 USD +2% – BTC currently appears highly likely to hit $12000 USD in the coming days. The recent breakout on the 1hr chart from the parallel channel, alongside $11700 USD acting as solid support, the bullish indicators and the Heikin Ashi 2/6/2 pattern all point towards $12000 USD being hit. The likelihood of $12000 USD being hit is almost certain. A move to $12000 USD would neither confirm a bullish or bearish scenario.
Bearish price targets
$11300 USD -3% – In order for BTC to hit $11300 USD BTC would need to break below $11700 USD. This level will be hard to break below, although is not a major resistance level for BTC so is possible. The bearish scenario also has the support of the MACD, a typically very reliable indicator. The likelihood of this occurring is medium.
$10900 USD -7% – If BTC falls to $11300 USD it would not take much for it to fall towards $10900 USD. If BTC hits $11300 USD then many of the bullish indicators will turn bearish such as the BBs, SAR etc. The likelihood of BTC hitting $10900 USD is medium.
$10000 USD -15% – I would be shocked if BTC hit $10000 USD in the coming weeks. This is partially due to the strength of the $10900 USD support level but also that it would confirm that the recent wave is corrective rather than impulsive. However stranger things have happened in crypto this year… Likelihood is extremely low.
Please share your thoughts on my research and leave your feedback in the comments below
Watch out for the market and never forget to take your profits and stop the losses
Good luck!
It's been a crazy week for Bitcoin and now is the best time to set out targets for the nearest future. BTC has recently been somewhat uncertain, undecided on which direction it wishes to move next. After BTCs huge rise from $9000 USD to $12000 USD the cryptocurrency has spent most of August trading between $11000 USD and $12000 USD. However, during this time it seemed as though BTC was ready for a move up after a significant move above the ascending triangle. The breakout was significant and the formation had numerous validation points. This would have likely caught out many traders because as demonstrated on the chart, this was a failed breakout for BTC.
The next significant level of support for BTC is currently $10900 USD. This support level has acted as both support and resistance multiple times for BTC as demonstrated in the examples below.
If BTC moves down to $10900 USD it currently appears very unlikely that BTC will fall lower than this. A fall down to $10900 USD would keep BTC in its trading range since the start of August. BTC would also remain within the long term parallel channel which it has been in since March, as demonstrated below.
BTC appears likely to be in the stage of the 4th wave. Unless a breakout of the channel occurs then BTC will remain within it, we could see a similar situation which was seen between May towards mid – July. This would see BTC heavily stagnate before hitting the upwards support of the parallel channel. If this scenario occurs, once this is hit we could see another bullish run before the end of year.
There is currently the general assumption that the movements since March have been seen in an impulsive wave rather than a corrective wave. However if the movements since March are in fact a corrective wave then BTC and the rest of the cryptocurrency market will see huge losses in the coming weeks. Although this is very unlikely as this wave is showing the characteristics of an impulsive wave.
BTC/USD price targets
Bullish price targets
$12450 USD + 6% – $12450 USD is definitely a realistic target for BTC in the coming week. BTC could use the indicators to carry itself towards this level as it still has a slight bullish bias. However a break above $12450 currently looks in doubt. The likelihood of BTC hitting $12450 USD is high.
$13500 USD + 14.5% – BTC currently is bullish, although not that bullish. There are key indicators such as the MACD which are currently bearish and with the curve off seen with the Heikin Ashi it appears that BTC does not have the momentum to make a huge +14.5% move towards $135000 USD. The likelihood of $13500 USD being hit is very low.
Neutral price targets
$12000 USD +2% – BTC currently appears highly likely to hit $12000 USD in the coming days. The recent breakout on the 1hr chart from the parallel channel, alongside $11700 USD acting as solid support, the bullish indicators and the Heikin Ashi 2/6/2 pattern all point towards $12000 USD being hit. The likelihood of $12000 USD being hit is almost certain. A move to $12000 USD would neither confirm a bullish or bearish scenario.
Bearish price targets
$11300 USD -3% – In order for BTC to hit $11300 USD BTC would need to break below $11700 USD. This level will be hard to break below, although is not a major resistance level for BTC so is possible. The bearish scenario also has the support of the MACD, a typically very reliable indicator. The likelihood of this occurring is medium.
$10900 USD -7% – If BTC falls to $11300 USD it would not take much for it to fall towards $10900 USD. If BTC hits $11300 USD then many of the bullish indicators will turn bearish such as the BBs, SAR etc. The likelihood of BTC hitting $10900 USD is medium.
$10000 USD -15% – I would be shocked if BTC hit $10000 USD in the coming weeks. This is partially due to the strength of the $10900 USD support level but also that it would confirm that the recent wave is corrective rather than impulsive. However stranger things have happened in crypto this year… Likelihood is extremely low.
Please share your thoughts on my research and leave your feedback in the comments below
Watch out for the market and never forget to take your profits and stop the losses
Good luck!