A cup and handle pattern has emerged on the BTC USD chart. This is a typically bullish chart pattern and acts as another contributing factor, coupled with the 'w-pattern', that may drive bitcoin to 40k when new break through 36k. Institutions are buying the dips aggressively in this bull cycle, and that will continue to drive this uptrend from a macroeconomic standpoint.
If we break the neckline at the current ATH this might be the move that sends us to 40k.
We could see BTC hit above 370k USD around November this year at the peak of the bull market.
Bitcoin appears to be forming head and shoulders pattern, and we may see the bearish scenario play out here with a dump down to 27k and then a rebound. However, keep in mind that bitcoin often ignores bearish pattern statistics in raging bull markets such as the one that we're in, and we could easily see yet another huge pump instead here. I just thought I'd stay...
The bitcoin price is reaching higher highs while the RSI is producing lower highs. It appears that bullish inertia is the only force driving the price higher in the short term, and traders are losing hope as we approach 30k. This may be the first technical indication that we're about to see a retracement. Still crazy bullish in the long term.
If we see the retracement finding support at the 50% fib level this could be a good entry position for a long. The typical exit for this trade would be at the 150% fib extension but be aware that there is a VERY significant resistance zone at approx. $24160.
When we break this significant resistance we could see a significant leg-up to the upside.
A bearish divergence has emerged on the 1 hour candles. This might be a shorting opportunity. The breakdown could go as far as approx. $17500 where we saw a double bottom on the 9th and 11th of December.
Potential long after breaking ATH. Last time the pump went 15% above ATH. This would act possibly as a psychological resistance after the breakout.
The last descending triangle broke out to the 3.618 fib retracement level. If this trend repeats, that will take us to approx. 22.2k when this triangle breaks to the upside.
A zoomed out perspective of the Bitcoin history which aims to give context to this halving and provide reason to believe that the stock-to-flow model predictions of a 100k bitcoin in the first quarter of 2021 may be perfectly reasonable.
Horizontal triangle forming on the 15min candles with a bullish entry. This could be the breakout that takes us to 20k.