After 5 weeks of consolidation, Bitcoin has finally broken out of the descending wedge (and overall wedges using wicks) to the upside.
Head and shoulders neckline couldn't be broken down despite multiple attempts. This level also coincided with the 1.618 ($29,890) of the overall retrace of the December 2017 highs.
Added to my core holding at 1.618 fib level ($29,890) and opened leverage long at break out of descending wedge ($35,000).
TP1 : $46,400 - 2.618 fib level
TP2: $59,000 - flagpole measured move
In my opinion conditions remain the same for the Dollar to continue to fall given FED's monetary policy stance, Biden stimulus, and continued speculative investing into BTC/Crypto by institutions.
I've been on TV for years and in BTC for longer - finally posting for reputation and for TradingView to keep as record.
Head and shoulders neckline couldn't be broken down despite multiple attempts. This level also coincided with the 1.618 ($29,890) of the overall retrace of the December 2017 highs.
Added to my core holding at 1.618 fib level ($29,890) and opened leverage long at break out of descending wedge ($35,000).
TP1 : $46,400 - 2.618 fib level
TP2: $59,000 - flagpole measured move
In my opinion conditions remain the same for the Dollar to continue to fall given FED's monetary policy stance, Biden stimulus, and continued speculative investing into BTC/Crypto by institutions.
I've been on TV for years and in BTC for longer - finally posting for reputation and for TradingView to keep as record.
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The BTC break out is sucking up liquidity from alt coins
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New ATH - $46,500 next
Just been announced that Tesla bought $1.5bn of Bitcoin in January twitter.com/benedict.../1358759751702745094
Just been announced that Tesla bought $1.5bn of Bitcoin in January twitter.com/benedict.../1358759751702745094
Comentário:
TP1 HIT!!!
Margin long closed - will look to re-enter after some pullback as today's move is quite extended... A re-test of prev ATH (42000) would be nice...
Margin long closed - will look to re-enter after some pullback as today's move is quite extended... A re-test of prev ATH (42000) would be nice...
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2.618 fib (46,433) becomes support - rising wedge invalidated
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TP2 - $59,000
TP3 - $63,000
TP3 - $63,000
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2.618 (46,433) still seems to be holding as support on daily.
On 4HR we can see falling sell pressure and breakout of descending wedge, with bullish divergence.
Areas to watch are 0.5 and 0.618 fib - if price slices through these we should see new ATHs in short order. If not and to be honest I'm half expecting a pullback at those levels and further consolidation on daily/weekly timeframes before new ATHs.
On 4HR we can see falling sell pressure and breakout of descending wedge, with bullish divergence.
Areas to watch are 0.5 and 0.618 fib - if price slices through these we should see new ATHs in short order. If not and to be honest I'm half expecting a pullback at those levels and further consolidation on daily/weekly timeframes before new ATHs.
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BOOM 0.618 hit - took profit on margin long - now the question is whether we see continuation or not (12hr seems to suggest so but time will tell)..
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Highest daily close ever - zooming in - provided BTC can overtake ATH here should see $63k (3.618 fib) in short order and $73k (4.236 fib) by the end of the month
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Watching to see how this plays out
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Longed it
