Root
Reviews and LongReads
NEXT STOP 112k ? BTC price prediction, is a breakout ahead?

NEXT STOP 112k ? BTC price prediction, is a breakout ahead?

Do repost and rate:

Rated:118

With the recent all time high (ATH) at $ 61.8 k and the ATH from 2017 Bitcoin (BTC) has continued its upwards journey inside in a huge Price Channel (s. Fig. 1).

Fig. 1: BTC is moving inside a huge price channel.

As it had its outbreak last year on approx. 2020-10-06, BTC was moving upwards inside this Ascending Wedge forming higher Highs and Higher Lows (Fig. 2).

Fig. 2: From the very breakout in October 2020, BTC has started to moonshot in an ascending wedge till it got stopped at the recent ATH at $61.8k.

Since the last three weeks we are currently moving inside this ascending triangle (Fig. 3) where Bitcoin has to defeat its key resistance line at $61.4 k and has also to overcome the upper price channel resistance line in order to keep up its bullish momentum which it recently had.

Fig. 3: BTC chart forms an bullish ascending triangle which is likely to be continued if it could break through the recent key resistance line at the upper price channel resistance.

Continuing this bullish scenario BTC would than entering the first new areas of price discovery with an open ending up to 112 k according the Fibonacci retracement (Fig. 4).

Fig. 4: BTC on its price discovery journey. Fibonacci Retracement is revealing the suggested resistance within the price discovery.

We had multiple attempts to break through the key resistance line at $61.4k, while the most recent occured today and forming a double top paatern with the rejection from saturday, it is also possible that we see the MA 7 or lower MAs again (Fig. 5).

Fig. 5: The double rejection is forming a double top pattern, indicating a downtrend to lower MAs.

In the worst case scenario i expecting a dump down to 41.1k which would be still a healthy dump and a discount of -33% (Fig. 6).

Fig. 6.: My expected worst case scenario. Even if the price of BTC falling and passing by all the MAs down to its former ATH at ca. $41.1k, the momentum would, in my opinion, remain bullish and new retail investors could enter the market exploting a huge discount of -33%. Indeed, that would still be healthy and gives BTC time to consolidate.

The next weeks will show if the bullish ascending triangle is unleashing BTC to higher limits.

Thanks for reading.

Source: I used Tradingview on Binance.

If you want to save on fees here is a 10 % discount code:

https://www.binance.com/en/register?ref=NE8A83VS

Please don?t miss MY SWISSBORG PROMOTION!

About Swissborg

Swissborg is a wealth management app with

- Smartyield up to 34 % APY for USDC

- A small set of cryptos - without shitcoins

- 0% transaction or exchange fees (premium users only)

- A community-driven financial incentives

- Value of the Swissborg token is protected by Burn & Protect Mechanism

-Coins listed with strong fundamentals: UNI, COMP, REN, BNB, BTC, ETH, ENJ, AAVE, KNC, DAI, USDC

- All coins are interexchangeable

- multiple Fiat GATE way more than 20 currencies supported.

They have a nice referral program:

Swissborg gives everyone who register to the wealth app and deposit 50 € (depositing FIAT is recommended) a reward ticket with a random value ranging from 1 to 100 € in CHSB.

But only, if you use my links and follow the described steps below. If you do so, i get a second ticket with the same random CHSB amount. When you use my link...

I give you 100% of my reward ticket i am getting from your subscription for free!

All you need to do is this:

1. Download the Swissborg Wealth App (mandatory)
2. Deposit 50 €, deposits on Swissborg are free so you can withdraw them later. (Withdraw costs about 1 €, with the earning from the reward you'll gonna make either a plus or a break even) (mandatory)
3. Download the Swissborg Community App (mandatory)
4. Apply the Code: OA62FUI (mandatory)
5. Contact me via Discord (Overmind#0055), Telegram (@SwissborgSwarm) or mail ([email protected]) (preferred) for verification and to get your CHSBs! (mandatory)

Note: If you only download the Community App and apply the code i say thank you!

Have fun earning free CHSB!

Do not miss the chance to get up to 200 € in CHSB for free!

This promotion begins on April 2021-04-12 and ends on April 2021-05-12

I Paid every participant: Check in the comment section of these posts for a proof of my payment to them:

Proof 1

Proof 2

Proof 3

Proof 4

Proof 5

Thank you for participating!

Note: I pay in any currency you like :). And the withdrawal fee from Swissborg Wealth App to your wallet are free of fees. I pay them. Happy free Crypto earning!