BTC broke out above the up trending channel and formed a bull flag on the weekly timeframe. Over the next several weeks I could see a push to 58k. Especially if everyone gets bearish and forgets this is Bitcoin.
Michael Saylor, institutions, high net worth investors, and hedge fund managers are looking at this and buying at these levels. Citibank has a target of 318k. Where do you think they get that from?
I think we break out from this triangle to new all time highs into next year, but it will probably be a rocky path that frustrates many traders and HODLers as well.
BTC has filled up this triangle.
A drop to the 200 daily SMA and fill the CME gap.
Or.
BTC pops up to ~11,900
Either way its wound up, low volume, etc ... Expecting a larger move soon
This is such a critical area. I would hate to be trading here. Good luck everyone.
10.5k and 11.5k will be hard to get through.
Descending broadening wedge breakout may be a fakeout. Price is sitting right onto of that top line. I'm afraid if traditional markets take a dive we will see another nasty fall in bitcoin.
Weekly close may be breaking out. Target is around 15k for this pattern.
Could be a fake out. Need confirmation. If we break down from here, it's a long way down to the bottom of this patterns support.
Just tested the top of this formation.
Look to either retest resistance ~9600 or reverse back down to the bottom ~4500.
I would hope the 200 weekly would hold if we head lower. This seems to be a great time for bitcoin to grind on the resistance and breakout to the upside.
Hard to believe it could go to the mid 4k levels in this pattern, but I could have said...
This descending broadening wedge has formed on the weekly.
Tripple MACD bullish divergence.
If we break to the upside, the target is around $16,500.
Just keep an eye on this possibility.
Thanks
