- 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
Lido DAO announces new phase on Ethereum with Simple DVT module
Lido DAO voted on the deployment of the Simple DVT module nearly six months ago, it is ready for mainnet as of April 17. Simple DVT helps to make Lido’s technology accessible to more users. LDO price is down nearly 3% in the past day.
New altcoins crash and burn, but this altcoin shows strength Premium
Binance Coin price shows a bullish pennant continuation pattern. BNB could range between the $600 to $526 levels until the skies clear out for Bitcoin. The altcoin could see a massive gain with the upcoming BEP-336 upgrade.
Cronos price fails to recover despite network upgrade
Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours.
XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place
XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.