BTC Still Could Touch 38-42k Target Before Further Upside

Mar 7, 2021

Short post here just as a word of warning. I feel that there is far too much bullish sentiment at this point. Long term, I also am a bull. However, shorter term, it is still possible we could retract further. Many traders are over-leveraged without sufficient cause. Yes, we could pop and break above the downtrend we are in. This is certainly a very real possibility. But I don't see too many indicators that we have done this just yet.

In fact, what I am seeing, shows me that we could go either direction. And 38-42k is still a very real possibility.

All I am suggesting is don't get carried away here kids. I too have my finger on the "BUY" trigger, but I am patiently waiting for sufficient confirmation that we are going up. I don't see this on any of my charts from BTC to ETH to any of the ALTs. Once I do I will update this post.

We are in a triangle. We must break out and above and then have another candle on the daily to confirm this break. Right now we have hit our heads on overhead resistance. If we don't break above this, I see us doing a serious drop. Too many traders are over-leveraged here for this NOT to happen. We must break out of our triangle first.

Now, if we do break the triangle, everything should be OK. We could still drop a little in the coming week or two, but I don't think it would be as serious of a drop at that point.

Watch closely kids. Dollar cost average yourself in slowly if you are bullish. Have your stops in. And, for God's sake kids, quit over-leveraging. You're going to get slaughtered. Bitcoin LOVES to serve up a bit of humble pie every so often. Just be careful.

Best of luck. Happy trading all.

Mar 9, 2021

Note

Ok. So, bit of an update here:

Looks like we did break out of our triangle, though not a super strong breakout. Currently, BTC is hitting it's head on two fairly significant lines of resistance: one - the purple upward trendline from Jan., and two - the black downward trendline on the RSI chart.

The other item worth mentioning ...I am not seeing a whole lot of volume with this move up. This give me pause. I'd like to see a big green candle supported by significant volume. Otherwise, I still remain suspicious that retraction is imminent.

Though, we may not get all the way down to the earlier 38-42k price range I had mentioned, a like possibility is that we drop down, touch the top of our triangle (now support), at which point we will bounce and proceed further up.