BTC/USDT Scratching the 64k$ all-time high. Is 100k$ next?

19 oct 2021

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.
- Finally the first ETF in the USA is through and live. Many more to follow.

Daily chart:
- Price shows an upwards breakout out of the purple parallel channel. We now possibly form the next bullflag below the old 64k$ all-time high.
- 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 but not by much.
- RSI analysis shows a breakout as well and faced resistance around the 70 line. We passed that and now look closely to the 80 line. Crossing that line would signal the first warning that we are within overbought territory and probably should expect a pullback.
- Support lines are at 59k$, 48k$, 41k$ and 30k$. The top of the parallel channel can act as support as well.
- Resistance lines are possibly at 64k$. Afterwards we are free to fly.


Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far October does not disappoint but don't get ahead of yourselves, the 100k line is still far away.
- Now after the approval of the first Bitcoin ETF in the US we expect that many will follow and even more people and institutions are exposing themselves to Bitcoin.
- We expect some sort of consolidation below the 64k$ line. A breakout seems imminent and we expect it to happen during the next 3 weeks.
- 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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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.