All aboard, the Bitcoin train is about to leave the station
After five bounces from crucial support at 32500-33k and 8 higher RSI bottoms on 1-Day chart resolution, BTC is poised to breakout of the 50 RSI level, the descending channel and begin a slow climb to MA200 at $45,000, which coincides with the same height of the current channel if it were placed on top of itself.
Then after confirmation of the breakout with a drop from $45K to roughly 37K, the price could resume mirroring the price action of the drop back to 60K.
Before all that happens there is the possibility of a new flash drop on the horizon to around 32500-31700 to create the wyckoff spring which is a common feature in the making of new bull cycles.
However as Bitcoin and Ether balances are at record lows on exchanges (interpreted as a bullish sign, because whales have chosen to take direct ownership pending a bullish sentiment), I don't exclude we may skip the wyckoff spring altogether and just shoot straight up since there won't be any major selling pressure on the horizon.
T1: $40659
T2: $45000
T3: $60000 (by 28th of August)
"Be greedy when others are fearful".
Then after confirmation of the breakout with a drop from $45K to roughly 37K, the price could resume mirroring the price action of the drop back to 60K.
Before all that happens there is the possibility of a new flash drop on the horizon to around 32500-31700 to create the wyckoff spring which is a common feature in the making of new bull cycles.
However as Bitcoin and Ether balances are at record lows on exchanges (interpreted as a bullish sign, because whales have chosen to take direct ownership pending a bullish sentiment), I don't exclude we may skip the wyckoff spring altogether and just shoot straight up since there won't be any major selling pressure on the horizon.
T1: $40659
T2: $45000
T3: $60000 (by 28th of August)
"Be greedy when others are fearful".
Trade closed: target reached:
All targets reached!
T3 was reached 45 days later than anticipated, but was reached nonetheless :-)
T3 was reached 45 days later than anticipated, but was reached nonetheless :-)