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Bitcoin about to break out after >200 days of consolidation πŸš€πŸš€

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Intro:
- Bitcoin is the first of its kind as cryptocurrency using blockchain technology and is looked at a store of value like gold , just better.
- Bitcoin will help the people to bank themselves and gives some power back to the community.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.

Comments:
- Today we look at the broader picture and zoom out of the chart. Once we do that we recognize that exciting times seem to be ahead.
- The last >200 days basically represent a large consolidation phase where we move between the two thick green and orange price lines (between 30k and 63k).
- For this structure it is absolutely normal and expected to see a bullflag that acts as consolidation and accumulation right under the previous ATH that acts as resistance.

Daily chart:
- Price shows that we are in a consolidation phase below previous resistance since roughly 20 days. This corresponds 10% of the large >200 day consolidation phase and is totally in line.
- Volume is on a steady decline since Mai. This supports the idea that we are in a large consolidation and accumulation phase.
- RSI analysis shows that we face again resistance that follows the yellow line similar to the previous one. This supports the 20 days consolidation phase.
- Moving Average: The 20MA comes to help and can act as support to finally breakout of the large consolidation phase.
- Support lines are at 59k$, 41k$ and 30k$. The top of the parallel channel can act as support as well.
- Resistance lines are at 63k$. Afterwards we are free to fly.


Expectation:
- We expect a price breakout within the next two weeks. A possible price continuation is drawn with a blue arrow line.
- Now after the approval of several Bitcoin future ETF's in the US we expect that many will follow and even more people and institutions are exposing themselves to Bitcoin.
- End of the year prediction: We will see a 100k$+ Bitcoin before the end of 2021.



Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.

Disclaimer

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