There has been a breakout to the upside of the red arc BTC has been following for months.
We also have an uptrend target implied by the range and a new upward-trending arc shaded in green.
It will take around 2 months to complete, and then let us know if it is breaking out to the upside or following another arc back down into the high 30s / low 40s.
Keep in mind there are often retests of the old patterns after a breakout like this. This pattern will not forecast short-term trends but rather where the pattern is bringing us longer term.
You can buy here with an intent to hold until the end of April at least and deal with the chance it will be volatile in the meantime.
All the best. Enjoy.
We also have an uptrend target implied by the range and a new upward-trending arc shaded in green.
It will take around 2 months to complete, and then let us know if it is breaking out to the upside or following another arc back down into the high 30s / low 40s.
Keep in mind there are often retests of the old patterns after a breakout like this. This pattern will not forecast short-term trends but rather where the pattern is bringing us longer term.
You can buy here with an intent to hold until the end of April at least and deal with the chance it will be volatile in the meantime.
All the best. Enjoy.
Comment:
A retest of the old arc would bring us to $37k-$40k, depending on when it retests. The longer it takes, the lower on the arcs it would hit.
Comment:
Perfect retest and bounce off the red arc wall. Now is a good entry at $39K.