Everything is looking extremely bullish - finally breaking through the $51k resistance, with what looks like a pretty tactical buy from a possible institution.
Currently in a bull flag formation on the 1hr - looking likely to drop a little bit as usual with these pattern to potentially $51k although there is some very low liquidity between $52k and $51k so could see a pretty sharp drop and quick bounce.
There is a key trendline forming to watch out for the price breaking below - I feel falling below that will probably dictate the rest of September.
As per previous analysis I am still bullish on BTC and more so now. Long to $55k although expect a few stop-hunts on the way so keep enough of a safety net if using leverage.
Lastly watch out for US coming online, I think they could pump pretty hard.
Word of warning I think $55k is going to be where we see a biggish correction/rejection as this was the price when huge FOMO came in on the last cycle, so watch out.
Wider look at the Daily Chart too - target updated to $55k as looking at the historical volume profiles this looks like the region where all of the FOMO buying began for the consumer traders so likely place where they will sell at break-even.
Currently in a bull flag formation on the 1hr - looking likely to drop a little bit as usual with these pattern to potentially $51k although there is some very low liquidity between $52k and $51k so could see a pretty sharp drop and quick bounce.
There is a key trendline forming to watch out for the price breaking below - I feel falling below that will probably dictate the rest of September.
As per previous analysis I am still bullish on BTC and more so now. Long to $55k although expect a few stop-hunts on the way so keep enough of a safety net if using leverage.
Lastly watch out for US coming online, I think they could pump pretty hard.
Word of warning I think $55k is going to be where we see a biggish correction/rejection as this was the price when huge FOMO came in on the last cycle, so watch out.
Wider look at the Daily Chart too - target updated to $55k as looking at the historical volume profiles this looks like the region where all of the FOMO buying began for the consumer traders so likely place where they will sell at break-even.
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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.