Bitcoin is ready to reach 70k! Here is why.

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin has finished its corrective pattern (ABC ZigZag) and is ready to go higher. My next target is 70k (69577) because we have a 1:1 FIB extension level at this price. Usually this Fibo level is pretty significant; that's why I am expecting a small crash from it, but after that, we should continue much higher, to the 1.618 FIB extension. Of course, we need more information and data to precisely establish long-term targets. 

On the chart, we can see 2 parallel channels, the first is larger than the second. The larger one is still valid as the price is inside it, so we can use this knowledge to our advantage and potentially sell/short Bitcoin at the touch of the upper sloping trendline of the ascending parallel channel. But not now, Bitcoin is bullish, so enjoy the ride! 

From the Elliott Wave perspective, I also have to be bullish because I see the dream setup of every Elliott Wave trader. What you want to do is catch the 3rd impulse wave and ride it until the end before the 4th corrective wave occurs. Basically, you want to trade a breakout of the 2nd wave or catch the bottom of the 2nd wave with the Fibonacci retracement tool.

Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

💡Join VIP Trading Group (signals, my trades):

🟡1-MONTH: 49 USD
🟡3-MONTH: 99 USD
🟡1-YEAR: 199 USD

💡Contact me on Telegram:

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.