Long Term BTC-USD price prediction based off a Flag ($100,000)
☕Good Morning Traders☕
We see the formation of a lovely bullish flag on the daily charts of BTC/USD, this bullish flag has a massive flag pole indicating that this can be the move to see Bitcoin reach $100,000 finally. As you can see by my analysis, we expect to see a pump in the price of Bitcoin by the middle of May leading into June.
However, the $70,500 - $71,500 price range and ATH (All-time high) are crucial resistance points we need to overcome on the daily chart. There are 3 actually 4 cases for the next month of trading.
Case 1: We lift off like a rocket smashing through the resistance not even going for a retest and we start losing momentum as we approach $90-100K.
Case 2: We break through the resistance face a small rejection and retest from ATH back to the $70k range.
Case 3: We fail to break to resistance, and face a rejection back to the $58-59k range, no need to fear, it is still within the bounds of the bullish flag and we'll just break out a bit later.
Case 4: We have a fake-out, a break-out which fails its retest and falls through the resistance indicating that the break-out was artificial.
Regardless I am BULLISH on BTC and would recommend that you aim to enter a long when the breakout happens, of course, be sure to have a Stop Loss in place at around 65K. I'll be playing with leverage so my stop loss will be much tighter.
Best of luck with your trading journey ❤️ and remember to follow the big 5 rules:
1.) Never enter a trade without a profit target and a stop loss.
2.) Always use multiple indicators to confirm a trade.
3.) Don't be greedy.
4.) If you lose take the day off and come back tomorrow.
5.) Do your own due diligence and analysis (market, technical and fundamental)
We see the formation of a lovely bullish flag on the daily charts of BTC/USD, this bullish flag has a massive flag pole indicating that this can be the move to see Bitcoin reach $100,000 finally. As you can see by my analysis, we expect to see a pump in the price of Bitcoin by the middle of May leading into June.
However, the $70,500 - $71,500 price range and ATH (All-time high) are crucial resistance points we need to overcome on the daily chart. There are 3 actually 4 cases for the next month of trading.
Case 1: We lift off like a rocket smashing through the resistance not even going for a retest and we start losing momentum as we approach $90-100K.
Case 2: We break through the resistance face a small rejection and retest from ATH back to the $70k range.
Case 3: We fail to break to resistance, and face a rejection back to the $58-59k range, no need to fear, it is still within the bounds of the bullish flag and we'll just break out a bit later.
Case 4: We have a fake-out, a break-out which fails its retest and falls through the resistance indicating that the break-out was artificial.
Regardless I am BULLISH on BTC and would recommend that you aim to enter a long when the breakout happens, of course, be sure to have a Stop Loss in place at around 65K. I'll be playing with leverage so my stop loss will be much tighter.
Best of luck with your trading journey ❤️ and remember to follow the big 5 rules:
1.) Never enter a trade without a profit target and a stop loss.
2.) Always use multiple indicators to confirm a trade.
3.) Don't be greedy.
4.) If you lose take the day off and come back tomorrow.
5.) Do your own due diligence and analysis (market, technical and fundamental)