Topic: Bitcoin Bullish Scenario - Minimum will reach $75000 - page 6. (Read 785 times)
I somewhat disagree because both $60k and $70k are very strong resistances that would take a lot to break them and even when the uptrend resumes we are still going to be stuck behind each of these prices. That means breaking one like $70k could lead to a much bigger rise than a 6-7% rise ($5k).
From the bearish conditions that we have experienced for almost the last month, we can see that the price of bitcoin is almost close to the $40k price level. As long as we don't find a large bearish candle, the bullish scenario for Bitcoin will still occur. The next projected bitcoin price target is around the $74k-$75k level.
If this scenario occurs then the current buy the dip will be very profitable.
Hope that this will occur in 2021 year end and not for the next December lol.If this scenario occurs then the current buy the dip will be very profitable.
Have been waiting since second week of November to cash out some funds for this holiday but sadly i am a failure because the price continues to dip and now i am trapped with only more than a week remaining before the year ends.
Hoping that we will be having a great increase in the last week of December before 2022 comes to take over.
From the bearish conditions that we have experienced for almost the last month, we can see that the price of bitcoin is almost close to the $40k price level. As long as we don't find a large bearish candle, the bullish scenario for Bitcoin will still occur. The next projected bitcoin price target is around the $74k-$75k level.
I'm not sure about $74K-75K being the next target. This assumes your two touch-points at resistance are a trend-line, but there is no third touch-point to confirm this as a pattern, for now it remains a co-incidental line drawn between two touch-points. If price were to get rejected from that trend-line again, then sure, we would have a rising wedge pattern (that'd be bearish for reference sake), and we'd be able to assume a target.
For an example of three touch-points that confirm a support or resistance trend-line, here is my new favourite. Could be a coincidence, but I now looking less likely:
I do like your support trend-line though, it does appear quite relevant as well as gives more credibility to price again finding support from $40K levels.
Personally I prefer the current interaction with the 50 Week MA, this being the third time it has supported the price in recent months:
Each to their own though
If this scenario occurs then the current buy the dip will be very profitable.
I like your analysis and brushstrokes. If that is valid during higher resistance declines, when supply is dwindling, the price motives will translate. I think everything has a loop and when it goes through a negative state, the positive repeats like a cycle, meaning the price reactions are bullish today.That means we can expect a rally until the end of the year to ATH at 73-75k. It won't be too hasty but it's still a possibility.
Bitcoin Bullish Scenario
1- Its a rising wedge (bearish pattern) with price target of around 5k$. I don't know how you call it a bullish scenario.
2- formation trading does not work that way, that you try to guess in which formation we are currently and trade inside formation. You see a formation, you wait for breakout with confirmation, with volume and than open position with price target around formation target. So your prediction has zero value from technical point of view. You only painted how a nice chart could look like.
The chart seems bullish since that 1W timeframe which means the bullish trend will be strong once there's a reversal confirmation but since its a long time frame, We can expect the reversal in a couple of weeks or months since it needs to hit that trend line and bounce there to make this TA valid. There's a strong manipulation still ongoing so even there's a clear signal on long time frame, We might still encounter a huge wick downward.
From the bearish conditions that we have experienced for almost the last month, we can see that the price of bitcoin is almost close to the $40k price level. As long as we don't find a large bearish candle, the bullish scenario for Bitcoin will still occur. The next projected bitcoin price target is around the $74k-$75k level.
If this scenario occurs then the current buy the dip will be very profitable.
If this scenario occurs then the current buy the dip will be very profitable.
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