You love to see it....
Bull Flag on the Weekly is a very good indicator for many reasons.
1) The longer the time frame, the bigger the move
2) Bear Volume is decreasing while Bull Volume has greatly increased this week.
So why $64k?
I measured the breakout from $20k to $42k which averaged around 110% give or take.
From there I measured from $28k (Weekly Support) to that 110% again which puts us right around $60k.
Institutional support is growing and as this new covid strain spreads we'll see fiat go down as it did last year.
Now you may ask, why $64 when the measurement comes out to $60? Well, at that point I expect the frenzy to really kick off with some shorts getting cleaned out.
I'm also making this post mostly for my future self.
Bull Flag on the Weekly is a very good indicator for many reasons.
1) The longer the time frame, the bigger the move
2) Bear Volume is decreasing while Bull Volume has greatly increased this week.
So why $64k?
I measured the breakout from $20k to $42k which averaged around 110% give or take.
From there I measured from $28k (Weekly Support) to that 110% again which puts us right around $60k.
Institutional support is growing and as this new covid strain spreads we'll see fiat go down as it did last year.
Now you may ask, why $64 when the measurement comes out to $60? Well, at that point I expect the frenzy to really kick off with some shorts getting cleaned out.
I'm also making this post mostly for my future self.