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Bitcoin: Candles Speak: Sharp Reversal?

Mar. 03, 2021 1:49 AM ETBitcoin USD (BTC-USD)
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Seeking Alpha Analyst Since 2020

Author of InvestingAngles.com.

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  • Bulls are making a statement, but a confirmation required.
  • 51079 - Inflection point.
  • If BTC closes in the next few days above 51079, the next major target would be 72000.

I think I have good news for the bulls. As I mentioned in my monthly update few days ago, there was a mixed message by the monthly (somewhat bullish) and the weekly (bearish) candles.

It looks like the monthly candle is throwing its weight. The coin was stick saved on Sunday from completing the Head and Shoulders and is rallying now in a motive fashion. The Monday's candle was a solid Bullish Engulfing that closed above the daily 8 and 20 EMA.

BTC - 4HR - Short Term Forecast

If BTC continues the rally and closes tomorrow above 51079, the path to 68000-72000 would be cleared. I would consider 72000 as the next major target, measured by the bullish pennant.

The target could be achieved by the end of March - mid April. The area is marked with the blue rectangle on the chart.

The narrow channel is preliminary and could be adjusted based on the waves.

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