Hi all. Like i`ve promised you last time, into the next couple of analysis i`ll show you the needed steps 1 by 1 from BTC to reach the next ATH. I`ve discussed the first two into my last two analysis and now it`s a time for the final third one.
Here`s the third step to the next ATH (chart 1).
Many of you will say that after every single halvening, the next ATH takes more time. That`s right but not at 100%. I`m finding a very strict and simple rule into the past 2 ATH. Yes the 20K ATH took more time from the halvening than the previous one but… and this is a big but, check the time between breaking the previous ATH price after the every halvening and the next ATH. In both cases it`s exactly 10 months.
And here comes the third step to the next ATH. We can say that 10 months after we break the $19666 price level we can expect the next all-time high. When will be that ATH? Like I said all depends from the nearly $20k break.
So let`s summarize all 3 steps.
1. 21 monthly EMA. April candle closed above it. The first condition is already fulfilled.
2. A monthly close above $10500 and a HH (higher high) into the weekly chart.
3. Break above the last ATH ($20k) and 10 months of time.
That`s all. Simple enough.
Actual situation (chart 2).
1. Support and resistance:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
2. Weekly pivot point is $8971.39. The price is far above it for now which is positive for the next week but let`s where this week will close.
3. 50 SMA situation is same like the pivot point. The price is far above it for now which is positive for the next week but let`s where this week will close.
4. 21 weekly EMA is far below the price for now. Not bad at all and it`s going to cross the 50 SMA which is another good sign.
5. With this week candle (if it close like now) we`re breaking the symmetrical triangle from the upside. Very positive sign.
That`s all for now.
See ya next time.