BTC Pullback to $20K, then long to new ATH at $30K

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Would we be so lucky as to get a textbook pullback to the prior all time high ( ATH ) and breakout point around $20,000? One would think that may be too easy; however, it could definitely happen!

The 4H 200SMA and the 4H 200EMA have confluence with the prior breakout zone around $20,000 and have held as support since October, 2020 as can be seen here:

In the last chart, can also see very low value VPVR nodes from $19,500 to $22,600.

If we break below $22,600, then I suspect we’ll see a quick move down to $19,500 – $20,000! If that holds as support, then I suspect BTC will explode to new all time highs!

The target for this potential new ATH is the 1.618 Fibonacci extension from the prior weekly consolidation as shown here:

Follow us now for regular TA on the hottest cryptos!


Guide to My Charts

-The dark magenta horizontal lines are support/resistance ‘zones’. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!

-Yellow lines are typically used to chart out pattern formations and trend lines!

-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).

-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.

-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.


Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!


Entry: $20100.0
Entry Zone: $19,500-$20,200

T1: $21,000
T2: $21,500
T3: $22,375
T4: $23,860
T5: $25,000
T6: $26,000
T7: $26,900

Stop: $17889.5


R:R: 3.08
Risk: 11.00%
Reward: 33.83%
Leverage: 3X
Leveraged Risk: 33.00%
Leveraged Reward: 101.49%


Disclaimer:

This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.

These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.