Bitcoin has continued to pump and maintain strong bullish momentum after a short retracement. We are now in our 5th green week in a row. BTC is currently less than $1000 from the psychologically important $50k barrier which will be a battleground with shorts. A move towards a shorter-term target of $53k would represent a 21% move, similar to the 25% move we saw over the past several weeks from $37k to $47k.
We see that these levels held as support in the April dip but turns into resistance during the May sell-off. Ideally we will see resistance drop and later become support for future corrections and retracements.
I speculate that Bitcoin should cross $50k in the coming days, and highly likely before the end of August. It will then ascend towards $60k in September before a larger-scale correction takes place - possibly sending it towards the 200D SMA or the bull market support band before the second wave and then the parabolic rally to end the year or begin 2021. September is typically a bearish month for crypto. However, Bitcoin approaching ATHs will need more of a breather than the short-term modest retracements we are currently seeing. That being said, it could simply just blast off towards $60k if Tesla hops back into the Bitcoin payment wagon. There are rumors of it occuring soon and that would send a bullish shockwave into the market like that we saw in February.
As always, good luck with trading. Don't use leverage if you can avoid it and have fun!
We see that these levels held as support in the April dip but turns into resistance during the May sell-off. Ideally we will see resistance drop and later become support for future corrections and retracements.
I speculate that Bitcoin should cross $50k in the coming days, and highly likely before the end of August. It will then ascend towards $60k in September before a larger-scale correction takes place - possibly sending it towards the 200D SMA or the bull market support band before the second wave and then the parabolic rally to end the year or begin 2021. September is typically a bearish month for crypto. However, Bitcoin approaching ATHs will need more of a breather than the short-term modest retracements we are currently seeing. That being said, it could simply just blast off towards $60k if Tesla hops back into the Bitcoin payment wagon. There are rumors of it occuring soon and that would send a bullish shockwave into the market like that we saw in February.
As always, good luck with trading. Don't use leverage if you can avoid it and have fun!
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