In today's crypto market, bitcoin has been doing well, we've seen a price surge in 24 hours of $6,000 and the price is at the $38-39k level.
But the question now is, where is our next target for bitcoin? I'm pointing out indications of where the bitcoin could be trading in the immediate short-term.
The horizontal triangle we predicted from two days ago is playing out perfectly. We just hit the expected target of $39,580. If you break above this resistance box, then I think it's highly likely that bitcoin is going to go up and retest its all-time highs. And the all-time highs are $41,603.
We're getting extremely close to the target of $40,200 approximately. And we already met the shorter-term target which is approximately $38000.
The next big resistance is this one for $41,200 that is the next resistance. After that, we do have another resistance at the all-time high of course at $41,600. and the fact that before seems to be breaking the $39,000 resistance box could indicate that the bulls are ready to retest these levels.
On the one-hour ribbon, we can see that the bitcoin is clearly above it. On the 4-hour timeframe, we can also see here that we are in a bull trend as we clearly broke above it.
On the daily timeframe, we can see that bitcoin seems to just continue its uptrend. A lot of people thought that this was a point where it would begin its decline. but it seems like the bulls are being tenacious, they're not giving up. They are not letting the bears take control of the bitcoin.
Looking at the EMA on the daily timeframe, the bitcoin seems to have bounced off the wicks and dips. I think that as long as we are above this pink ribbon on this chart, we are still in an uptrend. It's clear that looking at the daily time frame, we still are in an uptrend, we haven't seen any big trend reversal signs yet.
Congratulations to all those who bought in the dip and have been positioned to make a profit from this bull run. There's no better time to invest in cryptocurrencies. I think this bull trend could continue for some time for bitcoin. It is not a stretch to say that bitcoin could see $100k sometime in the near future.
