Hey traders,
Bitcoin wants to keep climbing, this bullish momentum is just getting started. It's 10pm and the party is just getting started, why would we shut it down now?
Looking back, BTC has already retested the monthly support level critically needed in order to move up at $12775, which has been gatekeeping the Bitcoin price for a little two years, since the 2017 Top.
The $12775 retest has already happened twice with both scenarios hammering out (hammer candles - especially with the body close well over the support line indicates a very strong short-term bullish rally). Now BTC this week has already 1st touched this $13615 weekly resistance level going up now for the 2nd time, this time looking like it has a greater possibility of breaking through and touching $14601.
Another key indicator I like to look at is the U.S. and Main World Indices. Bitcoin is directly correlated with those markets and is definitely something to keep in mind while trading.
From here I expect Bitcoin to see a close above this $13601 monthly resistance level to hit my target sell placed at $14601, but honestly after the initial 1st touch rejection I think BTC is going to continue soaring. You can go back and chart out historical data, Bitcoin has only spent a little over 1 month of it's 11 year old life trading at a Spot price higher than $13615 (monthly resistance level)
On the other side of the Bitcoin, if we see a failure to gain $13615 as support the price is going to come down. You can start to look at targets downwards like $13216 & $12775, because at the time of writing this idea the price is currently forming a lower high.
As always please do your own research, I am not a financial advisor.
Bitcoin wants to keep climbing, this bullish momentum is just getting started. It's 10pm and the party is just getting started, why would we shut it down now?
Looking back, BTC has already retested the monthly support level critically needed in order to move up at $12775, which has been gatekeeping the Bitcoin price for a little two years, since the 2017 Top.
The $12775 retest has already happened twice with both scenarios hammering out (hammer candles - especially with the body close well over the support line indicates a very strong short-term bullish rally). Now BTC this week has already 1st touched this $13615 weekly resistance level going up now for the 2nd time, this time looking like it has a greater possibility of breaking through and touching $14601.
Another key indicator I like to look at is the U.S. and Main World Indices. Bitcoin is directly correlated with those markets and is definitely something to keep in mind while trading.
From here I expect Bitcoin to see a close above this $13601 monthly resistance level to hit my target sell placed at $14601, but honestly after the initial 1st touch rejection I think BTC is going to continue soaring. You can go back and chart out historical data, Bitcoin has only spent a little over 1 month of it's 11 year old life trading at a Spot price higher than $13615 (monthly resistance level)
On the other side of the Bitcoin, if we see a failure to gain $13615 as support the price is going to come down. You can start to look at targets downwards like $13216 & $12775, because at the time of writing this idea the price is currently forming a lower high.
As always please do your own research, I am not a financial advisor.
