Bitcoin Just Broke $15000, Where to Next?
Hey traders,
Since my last BTC analysis, Bitcoin has hit all of my sell targets and touched $15,000. Where does it go from here?
After breaking through $13615 & $14601 resistance as well as the $15,000 psychological level, Bitcoin looks like it's about to fly. It already is soaring up, the past 10 4H candles have all been green (yellow on my chart). Going into this daily close, BTC doesn't have any sign of slowing down or seeing any loss of momentum.
Bitcoin is approaching a zone where it hasn't really hung out in before, already beyond the price of $13600 (monthly resistance turned support) its spent a total of 36 days trading above that price in its short 11 year life.
So these next upcoming targets are all new territory we are entering, A key level to look at is $16599.99 which you can flip back and see where I drew that level out from. ~$16000 is the last major level of resistance holding back Bitcoin from reaching all-time high levels. Sure there are some levels at 17k & 18k but nothing major like the levels I have drawn out.
With the daily close well over $14600, Bitcoin's chances of coming back down and hitting $10,000 grow slimmer and slimmer with every passing second. Also these levels of support at 11k, 12k, 13k have a smaller and smaller margin of retouching. With this being said, and all the hype surrounding Bitcoin again, you'd assume the market is very bullish and I think that but i'm going to breakdown both Bull/Bear Scenarios for you.
Bull Scenario
Bear Scenario
Remember that cryptocurrencies are the most volatile asset on this planet and it doesn't hurt to take profits. If you are a ridiculous amount in the green, take some profits and if it does dip back down.. hey you can buy in at a lower price. Also, I wouldn't FOMO in long right now.. BTC is up 11% on Spot today. Expect a little downside, but the trend remains bullish.
Something to take note of, the greed/fear index is at 90/100.
As always please do your own research, I am not a financial advisor.
Since my last BTC analysis, Bitcoin has hit all of my sell targets and touched $15,000. Where does it go from here?
After breaking through $13615 & $14601 resistance as well as the $15,000 psychological level, Bitcoin looks like it's about to fly. It already is soaring up, the past 10 4H candles have all been green (yellow on my chart). Going into this daily close, BTC doesn't have any sign of slowing down or seeing any loss of momentum.
Bitcoin is approaching a zone where it hasn't really hung out in before, already beyond the price of $13600 (monthly resistance turned support) its spent a total of 36 days trading above that price in its short 11 year life.
So these next upcoming targets are all new territory we are entering, A key level to look at is $16599.99 which you can flip back and see where I drew that level out from. ~$16000 is the last major level of resistance holding back Bitcoin from reaching all-time high levels. Sure there are some levels at 17k & 18k but nothing major like the levels I have drawn out.
With the daily close well over $14600, Bitcoin's chances of coming back down and hitting $10,000 grow slimmer and slimmer with every passing second. Also these levels of support at 11k, 12k, 13k have a smaller and smaller margin of retouching. With this being said, and all the hype surrounding Bitcoin again, you'd assume the market is very bullish and I think that but i'm going to breakdown both Bull/Bear Scenarios for you.
Bull Scenario
- BTC closed over $14600 on the daily with heavy momentum supporting the move up ever since the PayPal news around $11,000
- It will continue rising until it eventually touches $16,600 and from there it will make a decision after rejecting off of that level
- TP1 🎯 $16,000
- TP2 🎯 $16,599.99
Bear Scenario
- The market is very overbought and extreme greed starts to kick in, currently sitting at 90/100 on the Greed Index. We are seeing Extreme Greed
- The previous 10 4H candles are all green meaning the move right now is a bit exhausted and will pullback a bit down to $14600, possibly even $13600 & $12700 respectively.
- $14600 has not been retested yet, neither has $13600. Bitcoin just kind of said whatever and pumped straight through it like a rocket.
Remember that cryptocurrencies are the most volatile asset on this planet and it doesn't hurt to take profits. If you are a ridiculous amount in the green, take some profits and if it does dip back down.. hey you can buy in at a lower price. Also, I wouldn't FOMO in long right now.. BTC is up 11% on Spot today. Expect a little downside, but the trend remains bullish.
Something to take note of, the greed/fear index is at 90/100.
As always please do your own research, I am not a financial advisor.
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