BitcoinLong
20K AGAIN SOON?
This is only my opinion and speculations, I'm not a financial adviser, trade at your own risk. market is still unpredictable and it could always go either ways. That being said,
after assessing the macro trend, I've notice that we are on a major fib level.
market movers are yet to decide until we cross 14k in my opinion. 12k-14k is very crucial area. It's where bears and bulls play tag of war which could end up unpredictably.
Moreover, on my bullish point of view , by looking on the historical data of the trend and stochastic Rsi, we see a potential further upside move. Stochastic rsi must form a cleavage ribbon on overbought territory to maintain the momentum. We are climbing up since april fib by fib as you can see from the chart.
We are also hovering above the 3 major Emas which is a very good sign for the bulls. 9k area was defended well as as 0.5 fib. And also, Daily volume is strong which is a good sign of new buyers entering the market. B pattern of 0ABC pattern has been confirmed at 9.2k.
Euphoria hasnt been started yet, I think we are still on denial phase, the fear of losing is eminent. Greed will start after breaking this level. If we break 12.2 or the golden 0.618 fib, we may see a moonshot to 16k. yes i know, 16k is my macro target since it sits on the next fib which is 0.786 fib.
I will not still RULE OUT 8.5K because if rejected by 0.618, we may go below 10.2 which is my bearish area.
after assessing the macro trend, I've notice that we are on a major fib level.
market movers are yet to decide until we cross 14k in my opinion. 12k-14k is very crucial area. It's where bears and bulls play tag of war which could end up unpredictably.
Moreover, on my bullish point of view , by looking on the historical data of the trend and stochastic Rsi, we see a potential further upside move. Stochastic rsi must form a cleavage ribbon on overbought territory to maintain the momentum. We are climbing up since april fib by fib as you can see from the chart.
We are also hovering above the 3 major Emas which is a very good sign for the bulls. 9k area was defended well as as 0.5 fib. And also, Daily volume is strong which is a good sign of new buyers entering the market. B pattern of 0ABC pattern has been confirmed at 9.2k.
Euphoria hasnt been started yet, I think we are still on denial phase, the fear of losing is eminent. Greed will start after breaking this level. If we break 12.2 or the golden 0.618 fib, we may see a moonshot to 16k. yes i know, 16k is my macro target since it sits on the next fib which is 0.786 fib.
I will not still RULE OUT 8.5K because if rejected by 0.618, we may go below 10.2 which is my bearish area.
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