£26k Bitcoin on the horizon?

Back in August I publish the idea below on the 6-day chart of a life long trend line Bitcoin has found as support and is now acting as resistance. A rising wedge was formed, price action broke to the underside of the wedge and is now testing resistance. But what if that resistance is broken?

The 10-day chart above considers this scenario. The monthly resistance at $14k is already broken. The next resistance point would be $26k. Ideally we would see a back test on support at $12.2k before going long. Too much risk right now. However if you do see a price breakdown and a strong bounce off $12.2k, it is very likely price action rallies straight to $26k.

Comment:

Looking more and more likely we'll see a run to the upper resistance channel.

No one should be buying here. Bitcoin is overbought. A correction will come to around $12-13k to the lower end of the channel to confirm support.

Comment:

Should this weekly candle close as is currently printed, we're almost certainly going to $26k in a short space of time before correcting.

Trade active:

RSI support confirmed on up trend + St RSI crossing up 20. This should be exciting.

Trade active:

At last - now we get to see the alt-coin market explode.

Comment:

Almost at resistance, another 10% at best before retracing to $14k (past resistance) if $19.4k fails to hold.

Trade closed: target reached:

Expect a pullback, price action is at resistance.

Can price action continue upwards and onward? Sure. If resistance is broken and back tested price action will be explosive. In this scenario look for a target around $40-45k.

Is it probable? No. Price action is overbought. (Green column) with the 21-week support at $19k. The risk / reward is not acceptable.

Comment:

.
Dec. 25th: $25k
Dec. 26th: $26k
Dec. 27th: $27k
..
January 1st - be afraid :0!

Comment:

Impressively the bulls are pushing this overbought asset through resistance. If that is confirmed, expect the next resistance test at $33k.

Comment:

My goodness this is a legendary rally. Where is the top? As mentioned above if (as it appears at this moment in time) the $33k resistance is broken the next level is around $44k-45k. Is it possible for price action to go here? Sure.

Is it probable?
The risk now of downside is as high as it was in late 2017. Look left..

1) We have 10 x 10-day green candles (chart below). In late 2017 we had 9 before correction.

2) Green column indicator (dark green). Price action is indicating an 'incredible sell' opportunity right now.

$14k remains a support area as unbelievable as that sounds now.

Trade active:

Remember the above 10-day chart? Here it is again except this time it is now showing price action having broken through the upper channel and now testing past resistance as support to begin wave 5.

The new 10-day candle is a textbook Dragonfly DOJI candle, a significant move to the upside should now be expected.

Comment:

Remember this chart published so long ago? Price action back tested and confirmed support!!

If you're waiting on the sidelines for $20k / sold out at $29k - this one chart is telling you we're not going to see these prices again. Ever.