BitcoinLargo
Bitcoin to 46,800, and ultimately 53,000, explained!
Im thinking we may see a potential top where we are at now, and give the 39,100 area a retest.
BUT thats speculative, because of the moment and volume we are seeing, we may break the top of this channel and use the top of it as a new support line.
100% measured move of the breakout, would eventually take us to 46,800ish, with fomo and psychological reasons, we may see 50 i think in the near future. Just my thoughts.
If it ends up breaking down a bit, id watch the 37,000 area for a retest of support which would make a good buy entry if it did.
The purple lines are old trend projections which will likely be resumed in some fashion when full momentum gets going. Those projections would lead me to believe that the short term top of this move could reach the 53,000 level before breaking down substantially.
35,000 is what i would call the new "heartline" for the near future. This is a medial level of the trading range we are in and a powerful area of divergence.
If i were buying, itd either be at 39k or 42k. If i was trading short term, i wouldnt touch it under 39k unless we saw a bounce at the lowest 36,800 at the golden mean.
BUT thats speculative, because of the moment and volume we are seeing, we may break the top of this channel and use the top of it as a new support line.
100% measured move of the breakout, would eventually take us to 46,800ish, with fomo and psychological reasons, we may see 50 i think in the near future. Just my thoughts.
If it ends up breaking down a bit, id watch the 37,000 area for a retest of support which would make a good buy entry if it did.
The purple lines are old trend projections which will likely be resumed in some fashion when full momentum gets going. Those projections would lead me to believe that the short term top of this move could reach the 53,000 level before breaking down substantially.
35,000 is what i would call the new "heartline" for the near future. This is a medial level of the trading range we are in and a powerful area of divergence.
If i were buying, itd either be at 39k or 42k. If i was trading short term, i wouldnt touch it under 39k unless we saw a bounce at the lowest 36,800 at the golden mean.
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