Jonathan Morgan
Independent Analyst
- Bitcoin price begins next expansion move, first target at $77,000.
- A slight pause at a double-top near $66,000 is likely.
- The Weekly Ichimoku chart shows a massively bullish technical position.
Bitcoin price action shows its weekly Ichimoku chart to be in the most bullish position it has been in since the week of July 31st, 2021. Thus, bulls are positioned perfectly to see Bitcoin rally to $77,000 and beyond.
Bitcoin price ready to pop, $67,000 final best buy opportunity before six-digit Bitcoin
Bitcoin price is locked and loaded for a monster move higher. On the weekly Ichimoku chart, every single condition necessary for an Ideal Bullish Ichimoku Breakout is present. The current close is above the Cloud, the Tenkan-Sen and the Kijun-Sen. Future Span A is above Future Span B. And, most importantly, the Chikou Span is above the candlesticks and in open space.
The first breakout target for Bitcoin is the 161.8% Fibonacci expansion level at $77,000. From there, Bitcoin would likely initiate a retracement to test the Tenkan-Sen if a big enough gap exists. Above $77,000 is another 161.8% Fibonacci expansion (derived from a logarithmic measurement) at $103,000.
While the current technical conditions of Bitcoin are incredibly bullish, buyers should be aware of the growing and expanding gap between the weekly candlesticks and the Tenkan-Sen. The following weekly candlestick will likely see the Tenkan-Sen slope higher, reducing the existing gap somewhat. But the further Bitcoin travels away from the Tenkan-Sen, the more likely a violent mean reversion correction could occur.
BTC/USD Weekly Ichimoku Chart
A double-top at $66,000 could act as a source of near-term resistance. The current outlook would be invalidated if sudden and unexpected selling pressure were to push Bitcoin below the Tenkan-Sen at $54,250. Total nullification of any bullish sentiment will be complete if Bitcoin moves below the weekly Cloud at $35,000 – an improbable, but possible event.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.