BTC at the edge of a new Price Discovery!
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.
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