50K Bitcoin coming soon!!?

Aug 8, 2021

Bitcoin has been continuing to push upwards after having a few day cooloff, we have pushed right through the R1 resistance and what im looking for here is a hold for daily close, this will look super bullish if we can pull it off! Im looking for a push upto the 0.2 FIB level or aprx 50K, i think this level is definitely achievable but the thing will be can we breakthrough this level, we may get rejected the first time but after a couple im sure we can break it. Also we will be faced with the R2 resistance which will be another challenge. Taking a look at the MACD we remain looking bullish, we had a very nice bullish bounce from the blue MA, we are starting to see greater separation which is key, we got to stay away from that bearish cross, Histogram aswell looking good with out bars growing each day rather than flattening out, if we can keep seeing growth in the green bars we should expect some nice upcoming green days. Finally the Hash ribbons which are super important and a very legendary indicator, as you can see we are slowly coming out of the consolidation phase and we could soon be seeing that rare "buy" signal, historically this buy signal was followed with massive gains, and looking at the depth and dragged out consolidation period i woud say my 50K price target is very very conservative. Not financial advice just my opinion!