I haven't done an update on Bitcoin in a while, mainly because it has been consolidating around the $30,838 level before it moves back up.
BTC found a triple bottom support along $30,838 and looks like this level is going to hold going into the new monthly candle as well as hold its own against the CME Futures. In addition to the CME Futures, BTC also notably has the Chinese New Year dump & Valentines day. Let's zoom out to the daily
Daily Timeframe of BTC
BTC is holding $30,838 and right now if it closes near the $33,099 resistance level that paints a bullish engulfing candlestick on the daily going long towards previous highs.
Don't get too bullish yet because it still has to break out of this downtrend so it will probably continue consolidating in $30,838 - $34,484 unless it breaks out higher.
Going long, my new targets are:
TP1 🎯 $33,099
TP2 🎯 $34,484
TP3 🎯 $36,327
TP4 🎯 $37,560
As always please do your own research in no way is this financial advice, I am not a financial advisor.
BTC found a triple bottom support along $30,838 and looks like this level is going to hold going into the new monthly candle as well as hold its own against the CME Futures. In addition to the CME Futures, BTC also notably has the Chinese New Year dump & Valentines day. Let's zoom out to the daily
Daily Timeframe of BTC
BTC is holding $30,838 and right now if it closes near the $33,099 resistance level that paints a bullish engulfing candlestick on the daily going long towards previous highs.
Don't get too bullish yet because it still has to break out of this downtrend so it will probably continue consolidating in $30,838 - $34,484 unless it breaks out higher.
Going long, my new targets are:
TP1 🎯 $33,099
TP2 🎯 $34,484
TP3 🎯 $36,327
TP4 🎯 $37,560
As always please do your own research in no way is this financial advice, I am not a financial advisor.
Trade closed: target reached
BTC 4H Update - Triple Bottom at $30,838, hit every single TP1-4 levels. Going long again towards $39,696 and $41,337 looks like Bitcoin is going to pump into the weekend. I think its going to continue pumping up until Chinese new year when people are taking profits.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.