Bitcoin Heading to 64.8k
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Traders,
Bitcoin is likely to start making daily lower highs this next week. Of course, we have another FOMC meeting coming up which will add a level of uncertainty and possible volatility. I have been hoping for a retrace down to that 64.8k level (ascending multi-year support/resistance) and I think we'll get it.
Above I have the proposed path that price might take. Once we have tagged that 64.8k level the question becomes, "What's next?".
Remember, we have an 80k inverse H&S target which we have NOT hit yet. And as long as we remain above that multi-year support level, my experience tells me that we'll probably bounce there and continue upwards. However, as always, we have to prepare for the other scenario as well, that we continue down.
If we continue down, then likely we'll retest that purple neckline around 48k. And, IMO, that may be one of the last times you'll ever see 48k on BTC again. Even with the looming U.S. recession/depression that should begin sometime this year (and it will be bad), I see Bitcoin holding it's ground and remaining relatively strong overall against other asset classes.
Best in all your trades,
Stewdamus
Bitcoin is likely to start making daily lower highs this next week. Of course, we have another FOMC meeting coming up which will add a level of uncertainty and possible volatility. I have been hoping for a retrace down to that 64.8k level (ascending multi-year support/resistance) and I think we'll get it.
Above I have the proposed path that price might take. Once we have tagged that 64.8k level the question becomes, "What's next?".
Remember, we have an 80k inverse H&S target which we have NOT hit yet. And as long as we remain above that multi-year support level, my experience tells me that we'll probably bounce there and continue upwards. However, as always, we have to prepare for the other scenario as well, that we continue down.
If we continue down, then likely we'll retest that purple neckline around 48k. And, IMO, that may be one of the last times you'll ever see 48k on BTC again. Even with the looming U.S. recession/depression that should begin sometime this year (and it will be bad), I see Bitcoin holding it's ground and remaining relatively strong overall against other asset classes.
Best in all your trades,
Stewdamus
Uwaga
Unfortunately, I can not correct the title of this post now as TV only allows for correction/editing for 15 minutes after posting. But the title is supposed to say that Bitcoin is headed to 60k. As one of my followers kindly pointed out in the comments below, we've already hit 64.8k. So, bounce to 69k and back down through 64.8k to 60k is my projected path. Sorry about that confusion all.
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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