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| What will Bitcoin drop to tomorrow |
much at 65 000 euros dollars just under
65k and what normally happens is we
actually don't see a break above the
all-time high without seeing at least
one rejection first and we actually saw />something similar just here once again
we saw a rejection before then breaking
out on the second attempt and zooming
all the way out to the daily bitcoin
chart taking a quick look at what
happens the last time we broke out above
the all-time high that was back here at
the end of 2020. i'm only going to go over this really quickly because i did
cover this in a little is where bitcoin broke above the 20 000 all-time high that was set back in 2017 and what actually happened right here well you can clearly see as we were approaching 20 000 us dollars at around 19 and a half thousand we did see an initial rejection down towards around 16000 so that was actually a pretty decent dip and then we came back up to just higher than the previous high and this one was a lot closer to 20k it was at around 19.9 k before we found more resistance along that level and a little bit of a short-term call-off before we then broke out to the upside on the third attempt and the moment we broke above that resistance the bitcoin price absolutely exploded but just in the shorter term we did have a couple points of rejection now zooming out even further and going back to the last bitcoin bull cycle back in 2017 to the point where we broke above the previous all-time high first of all let's map out the previous all-time high which was set back at the end of 2013 so that's this level right here this red line now let's go over and look at the 2017 bull market what we can see here is bitcoin found resistance pretty much exactly along this red line of resistance now back in 2017 at the all-time high breakout we did actually get slightly above it for a couple days but as i said earlier we don't normally see a major breakout on the very first attempt so what happened here we came back down we had a second attempt which in that case was actually a lower high and that second failed attempt led into a further correction for the bitcoin price and then eventually we formed this w pattern we started bottoming out coming back up towards the all-time high level and then we saw another point of resistance a third point of resistance before we finally broke out to the upside on the fourth and final attempt and when bitcoin finally got a successful break above the all-time high entering into a brand's new all-time high the same thing happened back in 2017 as what happened at the end of 2020. bitcoin absolutely exploded to the upside you can see exactly what happens next so this is bitcoin at the present day on the daily time frame and what we can see here is the fact that we're very close to the all-time high in fact from the current bitcoin price at the time from this blog to the all-time high that's around a five percent gain away and just to put that into perspective the last daily candle that we saw yesterday was a seven and a half percent gain so if we see the same gain as what we saw the other day then that would literally put us into a brand new all-time high within a day but it's important that we factor in at that final point of resistance at the all-time high level which is that range that i've been talking about between 63 and 65 000 us dollars because right now it does remain a possibility that we could get a little bit of a rejection along the all-time high now it's important to mention i don't expect a huge crash or anything you just saw what happens the last two times we saw a massive all-time high breakout so just going off what bitcoin has done in its history all i'm saying is don't be too surprised if we do get a bit of a rejection first before we see the breakout later on but with that being said at this point where we are right now honestly i expect all-time highs pretty soon i'm gonna be a little bit more conservative and i would say probably within a month from now we will see the all-time high breakouts and that can come a lot sooner but that's just factoring in potentially getting a bit of a rejection at first and then a breakout later on and as well it's important to mention that we don't actually have to do that it's simply just what we've seen in the past time and time again and also generally speaking if we have a bit of a shakeout before the breakout that makes the breakouts a lot bigger because it shakes out the weekends which are people that are potentially fomo in at the current prices so if we do get a bit of a rejection here they might sell out of bitcoin and then later on if we see that breakout to the upside those are the type of people that will buy in at higher prices which will act as the rocket fuel for bitcoin for this next run to the upside we need people to get shaken out of the market for us to have more buyers at higher prices and getting into some bitcoin price targets now that this bull flag has played out and we've hit the exact price target at 63 000 us dollars we can get rid of that one and absolutely congratulations to every single one of you that actually took that trade at that breakout towards 45000 if you're on the channel at that stage that was the moment where i flipped from bearish to bullish because during the month of september i was a little bit more bearish on bitcoin but the moment we broke that 45k level that is when iflipped bullish and stayed bullish and obviously the first initial price target to the upside is the same price target we've had all this time and that's the 63 to 65 000 level before we can start looking at the price targets above the all-time high and just before i talk about those much higher price targets i'll just quickly mention some important areas of support in case we do see that rejection here one of the first major levels of support would be this range just here this previous resistance flipped into new support and that's coming in between 57 and 58 000 us dollars and when you're bringing out the fibonacci retracement tool from this low at around 39 and a half thousand us dollars up to the recent 63 000 high what you can see here is that's the first fibonacci level the 23.6 fibonacci level coming in at around and a half thousand euros dollars right in the middle of that range just there and anything lower we have the thirty eight point two percent fibonacci level coming in at around fifty four thousand euros dollars and that's exactly where bitcoin found huge support during this entire area just here and by the way the 38.2 fibonacci level is the second most important fibonacci level the most important is the golden pocket but that's coming in at around 48 and a half thousand euros dollars and honestly at this stage i would not be targeting towards 48 000 simply because of how much bullish momentum we have right now and how strong these other areas of support are for bitcoin and it's also important to mention that even though bitcoin has very strong support at these fibonacci levels just here once again at 54 000 and around 57 000 even though that's the case it doesn't mean that we have to go down to those levels it just means that if we do see a bit of a rejection here those are the sort of levels that i would expect to see some sort of bounce for bitcoin at and i'm not betting on the price going down there it's just important to keep some of these support levels in mind if we do see that rejection now jumping into the first major price target for bitcoin if we can crack through that all-time high resistance and that's simply the price target out of this huge cup and handle pattern this is something we've already broken to the upside and some sort of long position ornbought into bitcoin on this breakout just here right now you are in some huge profits and we're not even halfway this technical price target is coming in at around 79 000 nearly 80 000 us dollars per bitcoin and as i said that's just the first major price target for bitcoin above the all-time high honestly if we can get up towards those sort of levels i wouldn't expect a bitcoin to just stop there but keep in mind this is on the daily timeframe each one of these candles is an entire day so even if we see some sort of short-term pullback just here that still doesn't affect this price target from playing out so that's an important thing to remember for the new viewers on the blog even though this is a very bullish price target don't necessarily expect a 79 000 bitcoin tomorrow and now just taking a quick look at the bitcoin order books across all of these exchanges right now we've got a huge amount of sell orders to the upside which will be acting as resistance and where they sell orders coming in at well mostly between 63 000 and 65 000 euros dollars so this completely backs up the technical analysis that i've been giving you guys over the past few days but what you'll notice here is after we can get above the all-time high after we can crack above 65 000 us dollars the sell orders drop off we do not have much resistance just on the other side so honestly when we break above the all-time high i would expect an explosion to the upside in the bitcoin price not too long after we see the breakout but just keep in mind we're not there just yet we will be soon enough but it's important to remain flexible in the chart and factor in some sort of potential pullback before we see the breakout that's all i'm saying because that also ties into the bitcoin fear in greed index right now we are sitting in extreme greed and what that normally means is we are potentially due for some sort of short-term cool-off basically the further into extreme grade we go the higher the risk of bearish price action so let's just say if we immediately break above the all-time high and we start pumping to the upside that's gonna absolutely pump this bitcoin fee and greed index pretty close to 100 and in that case that's not going to be a sustainable move the best thing for all of us bitcoin holders is sustainable gains obviously it would be amazing to see an explosion straight away above the all-time high but if that happens it's likely going to fizzle out a lot faster than if we do see a little bit of a cool off or some sort of pullback or rejection before the breakouts in that case that gives these indicators time to reset a little bit and that gives us more room to the upside after we get above the all-time high but with all of that being said in a bull market in the full force of a bull market when we have all of that bullish momentum coming at us we can actually stay in extreme greed for quite some time taking a look at the historical values for this fear and greed index what we can see right here for example between around november 2020 and the end of january 2021 bitcoin remained in extreme greed for that entire time period about two and a half months we were in extreme greed without really seeing any major pullback so just keep that in mind as well even though we are seeing extreme great at the moment in the full force of a bull market we can stay at these sort of values for quite some time literally months so that's why it's important to really look at the whole picture never rely on one indicator in particular and try and look at the whole picture look at all of the bullish signs all of the bearish signs and try and weigh up what is the most..........
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