Last week's movement of the bitcoin has brought the price to another key level which is very crucial at this moment. Trending at $16000 simply as a liquidation zone which we may see some actions of accumulation zone and uncertainty in the lower time frame. The bullish momentum is still valid during this forming pattern. These are the reasons of why the price may spike to the $24000 region as the mid to long term target.
1. Price is now trending at the crucial zone and this is the potential of wave 3 which usually is the longest impulse wave to the upside.
2. MACD histogram is trending at the positive zone as the bullish momentum is still on top of this market. We haven't seen the sign of slowing down in the lower time frame.
3. RSI is now entering the bullish zone and slightly below the overbought zone which gives me a conclusion that there is still a lot of room to grow in the future.
4. We haven't seen the RSI on the weekly time frame entering this area since June 2020. Breaks above this overbought region will gives us the indication of the price to start a new bullish cycle.
1. Price is now trending at the crucial zone and this is the potential of wave 3 which usually is the longest impulse wave to the upside.
2. MACD histogram is trending at the positive zone as the bullish momentum is still on top of this market. We haven't seen the sign of slowing down in the lower time frame.
3. RSI is now entering the bullish zone and slightly below the overbought zone which gives me a conclusion that there is still a lot of room to grow in the future.
4. We haven't seen the RSI on the weekly time frame entering this area since June 2020. Breaks above this overbought region will gives us the indication of the price to start a new bullish cycle.
