- Bitcoin is absolutely ready for a massive uptrend to my profit target of 79959 USD! In this analysis, I will tell you why Bitcoin is bullish.
- First of all, we need to take a look at the weekly candles. The last weekly candle is a bullish engulfing candle. It means that the body of the candle engulfed the previous candle. Strong reversal signal, especially on the weekly chart!
- From the Elliott Wave perspective, we have completed the major wave (2) with a WXYXZ corrective pattern (triple three). Bitcoin is starting a new impulse wave (3)! Usually waves 3 are the strongest waves, and in this case, I expect the target to be at the 1.618 FIB extension of wave (1) => wave (2).
- The next bullish signal is the 200-week exponential moving average (EMA). As we can see, the price is holding this key dynamic support, and the bulls successfully defended it! This EMA is considered to have strong support or resistance by huge institutions and hedge funds.
- Now for a pretty important question: what are the resistances on the way up to 80k? It’s definitely the 0.618 FIB + POC of the previous market structure, which is at 38984. Then 48234 as a previous swing high, and of course the previous all-time high at 69000. You can use these levels for a potential quick short trade on the futures market with leverage!
- The downtrend basically ended in January 2023 after breaking the major blue trendline. We also had a retest of this trendline in March 2023.
- The price in March was around 25k and now in September, the price is around 26k after 6 months of sideways price action. This is a great opportunity to buy/long Bitcoin, so you don’t need to wait 6 months for boring price action!
- What do you think, guys? Are you ready for a massive bull market? Let me know in the comment section down below! I must know your opinion.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Thank you, and for more ideas, hit “Like” and “Follow”!
Comment: Profits are huge! Bitcoin is pumping, as expected. Follow the latest updates and see my my previous analysis when I recommended buying extremely cheap Bitcoin at 25964. (diamond pattern):
Comment: Some technical facts:
200-week EMA: Holding (bullish)
Bullish engulfing candle (bullish)
MACD uptick (bullish)
RSI 47 (neutral)
