BITCOIN High Probability Target: $36000
Good morning traders! We hope you have a great start of the week. Today we want to share with you our idea about the BTC / USD, regarding the upward potential it has in the short term. The trend is completely clear, extremely bullish in historical highs, so it is not necessary to go very deep in technical questions of price.
🔸The interesting point of this asset, and the one that generates the most doubts and speculation, is what its price target level will be in this bullish momentum. Well, there are numerous speculative ideas that take it to more than 6 figures, and it is very likely that this will happen in the long term, but what interests us as traders is to look for the imminent, short-term target, and, once price reaches that level, consider the following targets.
🔸As we can see, since the highs of 2018, the price generated a decline and its subsequent rise with a clear rounded bottom, recently breaking that resistance of historical highs of $ 20,000.
🔸When the price is at maximum levels, we cannot take a next resistance as a target, since there is none. So what we proceed to do is measure the previous range of move (previous correction).
🔸The distance from the minimum of the correction to the maximum is approximately $16000, and, if we project 100% of this range upwards, it gives us after the break of the $20,000 zone, a target in the $36,000 zone.
🔸To get to this level, we consider two options.
🔸The first is that the price continues straight without correction towards that level, which would be a bit strange since there should be profit taking along the way, but, since everything is possible, we cannot rule out that idea.
🔸And the second, and which we consider more likely, is that in the short term there will be a small correction of the price towards the support zone , to then rebound in that price zone, and continue the upward movement towards the proposed target.
🔸The interesting point of this asset, and the one that generates the most doubts and speculation, is what its price target level will be in this bullish momentum. Well, there are numerous speculative ideas that take it to more than 6 figures, and it is very likely that this will happen in the long term, but what interests us as traders is to look for the imminent, short-term target, and, once price reaches that level, consider the following targets.
🔸As we can see, since the highs of 2018, the price generated a decline and its subsequent rise with a clear rounded bottom, recently breaking that resistance of historical highs of $ 20,000.
🔸When the price is at maximum levels, we cannot take a next resistance as a target, since there is none. So what we proceed to do is measure the previous range of move (previous correction).
🔸The distance from the minimum of the correction to the maximum is approximately $16000, and, if we project 100% of this range upwards, it gives us after the break of the $20,000 zone, a target in the $36,000 zone.
🔸To get to this level, we consider two options.
🔸The first is that the price continues straight without correction towards that level, which would be a bit strange since there should be profit taking along the way, but, since everything is possible, we cannot rule out that idea.
🔸And the second, and which we consider more likely, is that in the short term there will be a small correction of the price towards the support zone , to then rebound in that price zone, and continue the upward movement towards the proposed target.
כתב ויתור
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