Bitcoin has performed exceptionally well this year, so much so that it has changed the lives of many people. Recently, there has been an exceptional amount of money printed. Anything that's valued in USD is currently inflating including Bitcoin. Traditional stores of value are becoming a thing of the past with new decentralised finance projects starting every day in the cryptocurrency space.
The human condition means we have a tendency to create bias, some bias is acceptable; when it is based on evidence, statistics and research. We have a tendency to overweigh conveniently available information and other psychologically misrouted thinking tendencies including the past years of the market.
The price needs to stay above the Ichimoku Cloud on the 4h timeframe. This shows that the buying pressure is significant to carry us through to Monday where institutional buying will resume.
At 11 PM tonight the Chicago Mercantile Exchange (CME) opens, there is a gap currently around the 58.9k level which is extremely likely to close. Thus, I am including it in my analysis. We are currently flagging outwards, the price I expect to tighten above the Ichimoku Cloud as the support and resistance meet creating a breakout.
I have split the take profits into 3 main targets, the highest one is unlikely in the midterm but still possible in my opinion. I am mainly focusing on the previous high (TP1) and Take Profit 2 (TP2).
Take Profit 2 is in alignment with the growth curve.
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The analysis played out nicely with last night's price action, the price seems to be thinning out towards the low-mid 57,000's. A sure sign of tightening support and resistance which means there will be an explosive breakout at some stage.
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Leverage lowered.
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Dollar-cost averaged my entry.
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We are now pumping again, coming back into the bull flag.
First of all I want to say how hard it is to create such a great chart... Especially when you are dealing with #BTC. Moreover, i agree that BTC's performance was incredibly awesome, despite of the situation that we all faced last year (Covid 19). After all it has to be the best money... This is why we choose Bitcoin, this is exactly why we are investing our money as well as our time. Keep it up #Trader I want to see more.
CountOnCrypto
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@Satoshi-SK, I'm humbled by your kind words, thank-you! You shall see more, my previous Bitcoin chart was accurate.