Bitcoin Breached $29,000 To Start The Year, Where Will It Go Next?
While the equities market is taking a break because of the New Year festivities, we are observing a massive move over at the crypto markets as Bitcoin does another all time high.
— Investing.com (@Investingcom) January 1, 2021
If you’ve been following our unorthodox methods of analyzing the markets, we actually see two ways of interpreting the price movement.
The Long Term Trade Range Of Bitcoin Suggests That It Can Hit Up To $50,000
Based on the log scale Fibonacci, it looks like its suggesting a levels near or above $50,000 as the next targets.
We are also looking at $30,000 as a psychological resistance in this perspective.
There’s also a possibility that a correction may occur however based on this hourly chart, we are seeing a strong dynamic support from the EMA 200 and another base is currently forming as well.
We also observe from this alternate plot (Lazy Elliott) that Bitcoin has also broken it’s suggested 161.8% Fibonacci level resistance. It may also continue to maintain its course up to the $50,000 as the Wave 3 levels suggest.
If you’re interested in learning more about this lazy approach to Elliott Waves, refer to this guide.