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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@TKLO, On the short-term this move looks exhausted, especially on 1H. But I don't see it coming much lower at least not as long as the stock market is rising. Keep an eye on S&P for pointers. Unless more Tesla like news come.
Age_of_Crypto
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I want to draw the attention of the community of traders to this correction
I believe that in the case of such a movement, after this correction, there will be a real ALTseason and DOGE/USD hints at this.
I want to remind everyone that you can't keep all your eggs in one basket (the entire trading deposit on one exchange), as there is a chance to miss this impending ALTstorm.
PS: There is a simple axiom, any high-yield markets must be highly risky!
TradingShot
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@Age_of_Crypto, Good chart. P.S. The alt season has already started.
Age_of_Crypto
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@TradingShot, I agree, Altseason goes. We can still stand above 43000 until Monday.