BITCOIN A short-term pattern to $55000

10 feb 2021

I am not a fan of short-term pattern, those who have been following me for quite some time know that I mostly rely on solid long-term patterns for my swing buys. But this pattern is too good to ignore and not publish it, but due to shortage of time, I will make it quick.

* There are two potential Channel Up formations one starting one starting on the January 25 High, the other on the January 29 High (small differences).
* Both the MACD and RSI on the 1H time-frame are on their respective 2-week Support levels.
* The price is below the 1H MA50 (blue trend-line) which on a 2 week basis, is a buy signal.
* The Higher Low was on the 0.618 Fibonacci retracement level, while the Higher High (slightly above) the -0.618 Fibonacci extension level. If this holds that means that the Channel has a maximum Low around $41000 and a maximum High near $59000.

Do you think that under the circumstances, a $55000 Target is realistic within a 1-2 week horizon? Feel free to share your work and let me know in the comments section!


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