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In my last report #5, we highlighted some goals that Bitcoin could reach, we also analyzed the dominance of this one compared to the altcoins and how this can influence the price, on the other hand, we analyzed the LEO and saw how its upward trend continues. In that sense, in this report I'll address very important aspects of what could happen with Bitcoin, in the short, medium and long term. In addition, I'll explain some incredibly effective indicators for investing in Bitcoin that tell me that in the long term there's a very bright path ahead.
I'll also be analyzing the BTC technically, although I'm interested in several assets in particular, but for the moment I'll only talk about the BTC, the rest I'll talk about in another publication. In that sense, in this publication we will see their projections and what are those key points that the price would be looking for soon. Please note that this is a disclaimer, this publication is not intended to be a direct investment recommendation, so I always recommend that you do your own research before taking into account what is said in this publication.
Bitcoin is one of the top performing assets so far this year, so much so that from the beginning of this year to the present, it's registered an increase of approximately 118%, which is a monstrosity of returns in just 11 months, something really incredible. Therefore, I seriously think that Bitcoin is almost nowhere near reaching its last historic high of $20,000 soon, of course, I'm not sure how long it could take, but everything indicates that before or at the end of this year we would already be touching this precious price level expected by many and it wouldn't be unreasonable to even look at
$25,000 or $30,000 by the end of this year and the beginning of next. Now technically speaking the outlook is very promising and I will show it below in the chart.
Image from the platform of TradingView
Chart of 4H | Gráfico de 4H
In the 4H chart we can see a clear
"Upward Triangle" accompanied by higher lows, which leads me to think that the upward trend is still strong, also to take for granted the strength that the bulls have at this time, the volume confirms it, because, we can see in the chart that the volume in the bullish candles, are above the moving average of 20, so this tells me that the downward movement should have been more abrupt, however, these candles are unable to bring the price to lows. On the other hand, at the time of writing this article, the price is already breaking the
"Triangle" upwards, with a volume above the average and performing a
"Pullback" to the top of it, which for the moment would be confirming this break and positioning the price at approximately $16256.
I don't use many indicators in the graph, since it usually increases the noise and confusion in it, however, there are certain indicators that are not missing in my analysis, such is the case of the "Moving Averages". In this specific case, I used
3 EMAS, the 30, 50 and 100 and the price is above these, aligning perfectly upwards and serving as a good dynamic support, in addition to this the RSI is in positive territory, so the price still has some way to go upwards.
These key points could be seen in a more detailed way in a daily chart and I have marked the points that can be seen in the following image which are:
Image from the platform of TradingView
As you can see my next target is in the $17,000 and the last one is our historical maximum in the $20,000 approximately.
In my opinion, Bitcoin is on the verge of a big upward movement that could soon be positioning it at $17,000, and as I see the current market structure, its trend and how the price is developing, there is a chance that we could still see Bitcoin between $25,000 and $30,000 by the end of the year and the beginning of the next.
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