Bitcoin just broke under an important support area of 60k and hit 56k.
However, if you look at the chart you can see that we went straight back up to 64k, making a FULL retracement.
If you look closer you can notice the exact same pattern happened 25'th of January, followed by a week of sideways movement and then the breakout that sent price all the way to 72k.
Last move happened in two big moves: From the first breakout: 42k to 52k, followed by another week of sideways movement. Then the last push from 52k to 72k.
Respectively, this represented a 23% move from 42k to 52k. Then 10 days of consolidation in a flag pattern. Followed by a 38% move from 52k up to 72k.
If this repeats:
First target would be around 78k.
Second target around 108k.
However we could reach much higher than 108k since Bitcoin moves exponentially during bull runs.
My plan to know when to exit, is simply to look out for 3+ days of sideways movement and if price makes new flag patterns (tight ranges), then simply re-enter the position again.
For this idea to be valid, look out for:
1. Price to stay within this range of 62k - 66k in the coming 3 - 5 days, before entering *Better entry, but a slightly lower probability.
2. And/Or wait for price to break out from 66k after 3 - 5 days, before entering *Worse entry, but higher probability.
Good luck everyone!
Like, share and comment if you like this post and want to see more like this.
However, if you look at the chart you can see that we went straight back up to 64k, making a FULL retracement.
If you look closer you can notice the exact same pattern happened 25'th of January, followed by a week of sideways movement and then the breakout that sent price all the way to 72k.
Last move happened in two big moves: From the first breakout: 42k to 52k, followed by another week of sideways movement. Then the last push from 52k to 72k.
Respectively, this represented a 23% move from 42k to 52k. Then 10 days of consolidation in a flag pattern. Followed by a 38% move from 52k up to 72k.
If this repeats:
First target would be around 78k.
Second target around 108k.
However we could reach much higher than 108k since Bitcoin moves exponentially during bull runs.
My plan to know when to exit, is simply to look out for 3+ days of sideways movement and if price makes new flag patterns (tight ranges), then simply re-enter the position again.
For this idea to be valid, look out for:
1. Price to stay within this range of 62k - 66k in the coming 3 - 5 days, before entering *Better entry, but a slightly lower probability.
2. And/Or wait for price to break out from 66k after 3 - 5 days, before entering *Worse entry, but higher probability.
Good luck everyone!
Like, share and comment if you like this post and want to see more like this.