Can Bitcoin Hit $36,502 Within 6 Weeks?

Bitcoin has been dropping ever since an All-Time High was hit in November 2021.

The ATH was set at $69,000 followed by a classic EW ABC Correction.

We have 220 days of bearish action with only a small 63 days relief between late January and March '22.

This strong correction ended in a new low/support being established around 13-June. ($17,568)

We share a trade idea explaining our view on a the local bottom being hit and Bitcoin getting ready to grow. (See here)

Now that a new support level has been established, Bitcoin needs to revisit support levels turned resistance.


BITCOIN TARGETS

We have first EMA10 around $24,850+.
This level is surely to be tested first.

Second is EMA21 around $30,700 and finally EMA50 at around $36,500.

Notice that EMA50 coincides with my targets in previous analyses.

These targets were extracted using other tools.

When multiple chart signals and indicators point to the same level, it becomes more relevant/important.

This is the level to watch for (EMA50 or around ~$37,000).

Our conservative target is set around $28/$29K.

The main target goes around $34/$38K.

I hope you find this information useful and go green in the days ahead.

When the market is green it gives...
When it is red it takes away.

We just have to continue learning and improve our trading throughout the waves.

The more we participate in the market, the more experince we gain.

With more experience comes profits...

It is in order to collect profits; to win, we trade.

Namaste.

Comment:

We are likely to have a short-squeeze next.
Maybe above $24,000 fast?

There can be a 4000-6000 jump in a single candle.

We wait and see how it goes!