TradingShot

BITCOIN Why even $75000 is a realistic target from here

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Before a day was completed, BTC managed to hold its 4H MA50 and break hyper aggressively above its Channel Up, making new All Time Highs (ATH), as discussed on my previous post:


The Tesla news are undoubtedly the catalyst of the day/ week for Bitcoin as today's abnormal daily rise is a direct outcome of the buying frenzy that Tesla's Billion Dollar BTC buying caused.

However, this rise falls also within the technical dynamics of the LMACD Bullish Cross. In my opinion this is a far stronger long-term indicator that buyers have already accumulated during the previous pull-back, as since March, such an aggressive Bullish Cross on the 1D time-frame, has caused a minimum of +30%, a maximum of +98% and +62%, +82% in between. The calculations are drawn from the closing of the 1D candle at the time of the LMACD Bullish Cross.

Currently, we've been on a Bullish Cross since February 03:

* A +30% from there would be at $48700.
* A +62% would be at $60500.
* A +82% would be at $69000.
* A +98% would be at $75500.

As you see even the $75500 target of a potential +98% surge would be quite realistic within a 2 month time-frame, as it would hit the 2.5 Fibonacci extension , the only Fib extension of the Fibonacci Channel that hasn't been hit on +0.5 intervals (see how 1.5 and 2.0 have been already hit).

So what do you think? Is the 1D MACD Bullish Cross enough to cause such surge and if so where do you think the price will peak? Feel free to share your work and let me know in the comments section!



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