BITCOIN TO TEST $8K THEN $2500
DAILY:
I am currently targetting the $5400-$5455 range (.236 fibb) as the next strong support for BTC. Despite the RSIs looking bullish, I'm bearish until BTC can break the upper trend line. For one, there is a clear decline in volume indicating this is not a breakout. Looking at the recent uptrend as a wedge, we can take a measured move and arrive at our target of $4415. However, if BTC is able to break the upper trend line, all lower targets would be invalidated. 200 EMA is currently sitting in the $7900-8K zone, which also lines up with the .168 golden pocket fibb. with the .65 at $8197 (8.2K highest I see BTC going). Taking a measured move of our recent bear flag from the bottom of our wedge, we arrive at our $3300 price target (which also lines up with the long-term trendline).
WEEKLY:
On the weekly chart, we see BTC trading in a falling broading wedge. Using a bottom trendline from 2006, we see strong support at the $2500-$2600 range. Taking a measured move from the recent bear flag, we arrive at our worst case scenario around the $1,076 range. Further, the weekly shows a rejection at the 55 EMA with a steady decline in volume, both signaling a downtrend.
CONCLUSION:
I'm overall bearish on BTC unless we can break the top trend line in our wedge/ rising channel. I will be shorting at $8200 and looking to buy at my next target of $5400. Long term, I am definitely bearish and I think there is a strong possibility that BTC can hit >3K.
I am currently targetting the $5400-$5455 range (.236 fibb) as the next strong support for BTC. Despite the RSIs looking bullish, I'm bearish until BTC can break the upper trend line. For one, there is a clear decline in volume indicating this is not a breakout. Looking at the recent uptrend as a wedge, we can take a measured move and arrive at our target of $4415. However, if BTC is able to break the upper trend line, all lower targets would be invalidated. 200 EMA is currently sitting in the $7900-8K zone, which also lines up with the .168 golden pocket fibb. with the .65 at $8197 (8.2K highest I see BTC going). Taking a measured move of our recent bear flag from the bottom of our wedge, we arrive at our $3300 price target (which also lines up with the long-term trendline).
WEEKLY:
On the weekly chart, we see BTC trading in a falling broading wedge. Using a bottom trendline from 2006, we see strong support at the $2500-$2600 range. Taking a measured move from the recent bear flag, we arrive at our worst case scenario around the $1,076 range. Further, the weekly shows a rejection at the 55 EMA with a steady decline in volume, both signaling a downtrend.
CONCLUSION:
I'm overall bearish on BTC unless we can break the top trend line in our wedge/ rising channel. I will be shorting at $8200 and looking to buy at my next target of $5400. Long term, I am definitely bearish and I think there is a strong possibility that BTC can hit >3K.
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