BitcoinPanjang
BTCUSD 12/17/2020
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Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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Yesterday, the price of Bitcoin closed at $ 21K. I think this Santa Rally is a very explosive on either to the upside or to the downside (Better expect both scenario to be informed in advance). For technical analysis, I'm just talking on higher prices not pullback levels because as you seen it recently institutions is adding more money to cryptocurrency market as a hedge against falling value of US Dollar as I discussed on the correlation between Bitcoin and US Dollar Index. US Dollar is not only weak to Bitcoin and Stocks even on FOREX pairs to US Dollar across-the-board, - US Dollar is weak. This means that US Dollar Cash is converted into either Stock, Commodities, Cryptos and Other currencies. If you don't read yet my technical analysis on correlation between US Dollar Index and Bitcoin. Here, is the link.
My Technical Analysis last December 15, 2020 is now into motion as the price of Bitcoin is moving up. I think, I have a discuss more on how far the price may go because simply there is no reliable support and resistance above as price has no barrier to stop possibly.
Remember that currently Bitcoin is in a larger Wave 3 in the weekly time frame. Based on history of Bitcoin, Wave 1 has the shortest spike but long accumulation phase, Wave 2 has the very extended price retracement that go below the important Fibonacci levels but never reached the lows of Wave 1, Wave 3 is the second longest spike and a very short period of time, Wave 4 has a very shallow or not dip retracement and lastly Wave 5 is the longest and craziest bull rally were almost all trader cannot determine the top. Of course, If there is pump, there is dump, ABC Correction, is the craziest downward price action.
By the way, Merry Christmas and Happy New Year in advance.
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Technical Analysis
1W
Overall the Weekly Timeframe has no sign of weakness to reverse the current uptrend that start last March 2020.
1D
The Bullish Divergence on RSI, Stoch RSI & MACD is in play. As you see, MACD has a bullish crossover yesterday. It is more likely safe to stay - a start of an another new uptrend or a continuation uptrend. The Moving Average supports this rally
4HR
We can see in this time frame how reliable is the current pump.
1HR
Price Target this December 2020 & January 2021
Since Bitcoin is closer to the final stages of a larger Wave 3 on Weekly Time Frame. I aim this price level as my potential sell in the short term. I think, there is a 60% probability of reaching the price range of $ 21K to $ 25K due to confluence with the Fibonacci Level on Weekly Time frame. I also, acknowledge that price may extended further higher than $ 25K, that is the 40% probability of a price range $ 25K to $ 32K. I know that these information may no longer new to you as other traders of tradingview is calling this prices from 4th Week of October 2020 to the Whole Month of November 2020. The craziest price forecast is Bitcoin to reached $ 50K by this December 2020 or January 2021 but somehow I noticed that it is a very extended target of 4.236 Fibonacci at $ 49,900.00 on Fibonacci Extension coordinates ( 3,122.28, 13,880.00, 3,850.00 ).
______
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
_____
Yesterday, the price of Bitcoin closed at $ 21K. I think this Santa Rally is a very explosive on either to the upside or to the downside (Better expect both scenario to be informed in advance). For technical analysis, I'm just talking on higher prices not pullback levels because as you seen it recently institutions is adding more money to cryptocurrency market as a hedge against falling value of US Dollar as I discussed on the correlation between Bitcoin and US Dollar Index. US Dollar is not only weak to Bitcoin and Stocks even on FOREX pairs to US Dollar across-the-board, - US Dollar is weak. This means that US Dollar Cash is converted into either Stock, Commodities, Cryptos and Other currencies. If you don't read yet my technical analysis on correlation between US Dollar Index and Bitcoin. Here, is the link.
My Technical Analysis last December 15, 2020 is now into motion as the price of Bitcoin is moving up. I think, I have a discuss more on how far the price may go because simply there is no reliable support and resistance above as price has no barrier to stop possibly.
Remember that currently Bitcoin is in a larger Wave 3 in the weekly time frame. Based on history of Bitcoin, Wave 1 has the shortest spike but long accumulation phase, Wave 2 has the very extended price retracement that go below the important Fibonacci levels but never reached the lows of Wave 1, Wave 3 is the second longest spike and a very short period of time, Wave 4 has a very shallow or not dip retracement and lastly Wave 5 is the longest and craziest bull rally were almost all trader cannot determine the top. Of course, If there is pump, there is dump, ABC Correction, is the craziest downward price action.
By the way, Merry Christmas and Happy New Year in advance.
__________
Technical Analysis
1W
Overall the Weekly Timeframe has no sign of weakness to reverse the current uptrend that start last March 2020.
1D
The Bullish Divergence on RSI, Stoch RSI & MACD is in play. As you see, MACD has a bullish crossover yesterday. It is more likely safe to stay - a start of an another new uptrend or a continuation uptrend. The Moving Average supports this rally
4HR
We can see in this time frame how reliable is the current pump.
1HR
Price Target this December 2020 & January 2021
Since Bitcoin is closer to the final stages of a larger Wave 3 on Weekly Time Frame. I aim this price level as my potential sell in the short term. I think, there is a 60% probability of reaching the price range of $ 21K to $ 25K due to confluence with the Fibonacci Level on Weekly Time frame. I also, acknowledge that price may extended further higher than $ 25K, that is the 40% probability of a price range $ 25K to $ 32K. I know that these information may no longer new to you as other traders of tradingview is calling this prices from 4th Week of October 2020 to the Whole Month of November 2020. The craziest price forecast is Bitcoin to reached $ 50K by this December 2020 or January 2021 but somehow I noticed that it is a very extended target of 4.236 Fibonacci at $ 49,900.00 on Fibonacci Extension coordinates ( 3,122.28, 13,880.00, 3,850.00 ).
______
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Nota
Other TA.
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