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BTC made a big move up yesterday
This is great to see and it's even greater when one can predict such moves with a high degree of confidence. One month ago I predicted such a move and thought that a level of 35k could be reached soon.
We have had so far 2 pushes upward and if you have studied BTC's chart you probably saw that price likes to moves in waves of 3
Another push up would be exactly this 3 wave pattern I would be looking for. While this is an important clue, there are even better tools to help us navigate in the the charts. Trend lines are one of my favorite tools to do so. The orange resistance line shown above is not that strong since it losely site on the shoulders on the H&S pattern of the peak. This would be the minimum target when looking for a high of the current wave. We see 2 more dotted lines which have some predictive qualities, but they are also not the strongest. I would rather think of them as a general area of supports and resistances.
Back in Februrary I made this chart.
On hindsight it looks quite good, although the price momentum was not quite as aggressive as seen here. The timing is also a bit off, and we can now expect the peak of the wave to be in July or August. But overall it is predicting the general upward movement. This is all that matters when one looking at charts on in the bigger picture. If one can somewhat reliably predict price movements then one can "set it and forget it". Now the question remains if we can narrow down the target area for the "peak".
Old chart still looks good
To be honest I still like the chart from February. But I'll update it and give a range of where I think price could be heading before it correcting back a bit. 35k is the minimum target (as seen above) and 48k still is the top.
The 35k target means that price would correct back to the blue macro support in winter. If we actually go to around 48k a correction could either go back to the orange line at around 30k in winter or also head back to the macro support. But if that happens I would expect that the correction would take a bit longer and perhaps end in spring/summer of 2024.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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