BTCUSD is once again looking rather perky in early Asian trade, with new ATHs touched during NY, but no follow through as of yet:
We are once again trading in an ascending triangle formation which is a bullish continuation pattern and we all saw how that played out last time:
Think this rally was driven by the Tesla buy?
Well it was, but it wasn't. It was driven by news of the Tesla buy and that's an important distinction.
Sentiment is a powerful thing, arguably the biggest driver in markets, and I don't see it waning any time soon.
How long will it be before we see another filing from another fortune 500 and more after the fact FOMO?
I don't think we'll be waiting that long.
Our conservative target of 50K+ end of month is still firmly in tact and not even that far off now - the former support turned resistance line we inferred this from has been breached and is once again acting as support:
The second blue box is a measured move of equal nominal ($ terms) amplitude, if we take a look in % terms we get a much more aggressive target above $74000:
This is likely not very realistic, but it's far from impossible in the event of mania driven by confirmation of further institutional buying.
We can use our Fibonacci tool to find a target somewhere between these conservative and aggressive out looks, the 261.8 extension below 63K looks the money:
Strategy update
Our strategy remains long from 34K and bullish above 42K ...
... and I am holding long in line with that outlook, with both the spot and leveraged token trade still at full strength.
I will likely take partials on the leveraged position in the coming weeks, but remaining nimble there and watching closely.
As I finish this post we are testing above the triangle top, having just set a new ATH shy of 49000:
Good luck out there!
Posted Using LeoFinance Beta
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