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BITCOIN (BTC) ON THE ROAD TO 51K for BINANCE:BTCUSDT by Hector_Bienvenu

Hello guys

Today we are analysis BINANCE:BTCUSDT on a daily chart .

History :

– In April the 14th Bitcoin recorded a new ATH to top at 64500 usd

– Since April the 22nd , Bitcoin started its downtrend correction of -56% to finally range between 28K to 42k usd

– Following by a nice bullish divergence on the RSI , prices finally started to go up on July the 21st to top at 42500 usd where our 0.382 fib level is

For the first time since the beginning of the bull market on bitcoin , the price has crossed the Kumo and inevitably go down to 30K support area .

ICHIMOKU

Situation :

In July the 24th for the very first time since the beginning of the downtrend, bitcoin re-entered into the Kumo at 33800 usd, crossed it and leave it directly to 42500 usd where two big resistances are :

R1 : Top of the first leg-up of January the 8th

R2 : 0.382 Fibonacci level

WHAT WE EXPECT NOW :

According to Ichimoku and Fibonacci we can expect the following :

1. After crossing the Tenkan, the price could bounce on the Kijun which is situated at 36K / or / bounce directly on the SSB flat line which is situated at 35000 usd (This ultime support must hold for the continuation of the increase).

2. Then, bitcoin could top for the second time to the 0.382 fib level and could be rejected again and going back to the 0.236 fib level which match also with an ultime test of the Kumo ( SSA ). This price movement will coincide in a nice pull back on the downtrend line, which is a good sign of future growth for Bitcoin .

3. This second bounce on 0,236 fib level, and the downtrend line, could be the one that let bitcoin going to our first target of 51000 USD which correspond to the 0.618 fib level.

Resistances :

– 42500 USD : The downtrend line which is also the 0,382 fib level is a big resistance where bitcoin failed recently..

– 44700 USD : Resistance referred to multiple SSB and Kijun flat lines

Take profits :

For the moment, Bitcoin seems not ready to broke the previous ATH of 64870 USD, but we can expect higher high regarding the today’s situation :

Take profits n°1 : 51 000 usd : Corresponds to the « 0,618 » fibonacci level

Take profits n°2 : 56000 / 57000 usd : Correspond to a SSB and a Kijun important flat lines. It also match with the « 0.786 » fibonacci level

TIME WILL TELL US

This is my very first post on TradingView, please feel free to comment and leave a like if you appreciate this post !


Thank you guys

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