BITCOIN BREAKOUT 72 HOURS! | 1st Week April $75k BTC
Bitcoin has been keeping us all waiting over the last week. We saw a break above the all time high last weekend at $58500, this moved was exciting and bullish at the time, however there was concerns that this breakout lacked volume.
There was also a CME futures Gap left down at $55000. On market open Monday we first saw signs of weakness and we were unable to continue to the upside. We went high as $61700 - creating a new all time high. Being rejected at this price level - we have continued to fall lower until we found support around the $53800 level.
Ever since we have been range bound with prices coiling and we have seen a bullish pennant forming with prices trading between $54500 to $60000. We have 3 days remaining before we see a breakout from this pennant with price target for this breakout at $68500.
We face resistance at the current all time high at $61700, with price facing further resistance at our secondary trend line at around $64000. If we successfully breach this then we can see the price of Bitcoin advancing to our target price of $68500.
One interesting thing to note is the vertical lines which represent the previous two peaks =
- 1st Peak on 10th January 2021 before we saw a pullback
- 2nd Peak on the 21st February 2021 before we saw a another pullback.
The interesting thing is the time between both peaks in the Bitcoin Price is exactly 44 Days. If we try to use this reference time frame and look at where the next peak will occur within this primary up trend as denoted by the two yellow trend lines - 44 days from the 22nd February 2021 takes us to exactly the 6th April 2021 where we see price hitting $75500.
$75500 may well be the next high before we see another corrective pullback in the price of Bitcoin.
For now this is my analysis.
Let me know your thoughts.
Mujahaid.
There was also a CME futures Gap left down at $55000. On market open Monday we first saw signs of weakness and we were unable to continue to the upside. We went high as $61700 - creating a new all time high. Being rejected at this price level - we have continued to fall lower until we found support around the $53800 level.
Ever since we have been range bound with prices coiling and we have seen a bullish pennant forming with prices trading between $54500 to $60000. We have 3 days remaining before we see a breakout from this pennant with price target for this breakout at $68500.
We face resistance at the current all time high at $61700, with price facing further resistance at our secondary trend line at around $64000. If we successfully breach this then we can see the price of Bitcoin advancing to our target price of $68500.
One interesting thing to note is the vertical lines which represent the previous two peaks =
- 1st Peak on 10th January 2021 before we saw a pullback
- 2nd Peak on the 21st February 2021 before we saw a another pullback.
The interesting thing is the time between both peaks in the Bitcoin Price is exactly 44 Days. If we try to use this reference time frame and look at where the next peak will occur within this primary up trend as denoted by the two yellow trend lines - 44 days from the 22nd February 2021 takes us to exactly the 6th April 2021 where we see price hitting $75500.
$75500 may well be the next high before we see another corrective pullback in the price of Bitcoin.
For now this is my analysis.
Let me know your thoughts.
Mujahaid.