The path to $100,000 BTC

What a week!

Bitcoin has had it HIGHEST weekly close EVER! This is something to get VERY excited about!

Lets take a look at some BTC technicals.

First of all Bitcoin Dominance (BTC.D) is up. When this happens it shows capital is flowing to BTC from the ALT coin markets. Getting snagged at the Daily 200EMA at the moment however, once BTC.D breaches this level I think we will see not only a big surge in BTC price action but ALTS will likely suffer a little with the capital flow to BTC.

Its also worth noting that the entire Crypto market capped reached an all time high (ATH) at 2.6 Trillion dollars (USD) only 4 days ago. Showing alot of confidence in the market this is a very bullish signal and with BTC.D on the rise, 46% of those trillions is flowing into BTC.

Looking at the daily chart for BTC we can see we are almost at ATH. You’ll see a green box on my chart below just above current price level outlining the LAST level of resistance before we see the next mooning. So where to from here?

Well its clear we are at a make or break level right? So we either see the moon or we see a pretty significant (and in my opinion) healthy pull back before price continues to newer highs.

How will I trade this and if we break through this level how high will BTC go?

If BTC rejects at this level the first level of support for a MINOR pullback will be around the $58,500USD level. This will be a key level to enter longs for me however, if this support fails and a larger pullback occurs I’m eyeing off 49k-50k zone to enter longs. You COULD short to that point but as we are at ATH zone and confidence is only getting stronger that’s a risky trade and I wont be doing that myself.

The next play is a breakout trade for BTC. Breaking this ATH will be fast and volatile. What’s my first target? Well I think $78,000USD will be target #1. You can see in my chart above both the Fib extension and future 618 of retrace show the exact same target zone and in price discovery these are often the best tools to use for determining target levels.

If this plays out this way and BTC reaches the 78k target#1 then my level for target#2, again based off both fib tools(see below), will be $100,000USD!

Have a plan for both scenarios and you wont get caught out!

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The information in this post is General Information Only and is based on my own opinions and idea of the market. This information is NOT financial advice. Neither your personal objectives or financial situation or needs have been taken into consideration. Accordingly, you should consider how appropriate this post is to those objectives, financial situation and needs, before acting on any information provided by this site.

Risk Warning: Trading in leveraged or geared products such as derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. You should consider your investment objectives, risk tolerance & trading experience when deciding to invest in the crypto markets. It is possible to lose more than your initial investment capital when dealing in markets that offer clients the ability to utilize leverage or gearing. Trading derivatives may not be suitable for all investors. Clients must ensure, prior to investing, they fully understand the risks involved and sought independent advice in relation to these risks if they do not fully understand them.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely
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The path to $100,000 BTC

What a week! Bitcoin has had it HIGHEST weekly close EVER! This is something to get VERY excited about! Lets take a look at some

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