BTC/USDT Bullflag within rising channel. Is 60k$ next?

10 окт. 2021 г.

Intro:
- Bitcoin is the first of its kind as cryptocurrency and is looked at a store of value like gold , just better.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.

Daily chart:
- Price shows a breakout above the yellow resistance line. We now form a bullflag within a rising parallel channel drawn in purple.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers. Considering only the last 10 days volume starts to increase.
- RSI analysis shows a breakout as well and faces resistance around the 70 line. If we see an upwards breakout for the bullflag we also will see an upwards breakthrough for the RSI.
- Support lines are at 52.5k$, 48k$, 41k$ and 30k$. The bottom of the parallel channel can act as support as well.
- Resistance lines are at 59k$ and possibly around 64k$.


Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last resistance lines before we head into price discovery.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We expect a bullflag breakout within the next 10 days. Our next target is 60k$.
- End of the year prediction: We will see a 100k$+ Bitcoin before the end of 2021.



Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.