Currently, Bitcoin (BTC) is being held up by the trend line shown below, finding support at $30,000 USD. The $30,000 USD zone is the 0.618 Fibonacci retracement from the most recent impulsive move ($20,000 USD – $42,000 USD ), alongside the R1 PP as shown below.
Finding support at this level has meant that BTC is still above the 25,50,100 and 200 day SMA, with BTC’s bullish momentum remaining.
BTC/USD – 25,50,100 and 200 day SMA
BTC 4hr chart
On the BTC 4hr chart it currently looks highly likely that BTC will return to $42,000 USD. There are no resistance levels to stop BTC hitting $40,000 USD currently, as shown below.
BTC/USD – return to $42,000 USD
BTC is within the 5th EW of its impulsive move from $30,000 USD. From here, BTC is extremely likely to see a retracement, likely following the blue corrective EW back towards $34,000 USD. However BTC could potentially break above the $42,000 USD level. If this is broken above significantly with a daily close above $44,000 USD, the next target for BTC is $52,500 USD.
BTC/USD – $34K or $52K?
A move to $52,000 USD if BTC broke through the R3 resistance level would see BTC increase 31% from our current position. However if one were to wait until BTC broke above the R3 resistance a 17% gain would be seen, both of which are highly respectable gains.
BTC/USD potential gains
Which scenario looks most likely?
Currently $34,000 USD looks most likely with BTC needing a consolidation after its recent major moves.
The $34,000 USD target also works favourable alongside the charts being suggested by alt coins.
IOTA shown below is currently holding a head and shoulders formation, with IOTA short term within an ascending wedge. In the right shoulder, IOTA is showing a bearish checkmate candle formation, suggesting that IOTA cannot break above the $0.423 USD level.
A break above the $0.44 USD level would invalidate the ascending triangle.
IOTA/USD – bearish formation
BAT is also showing a bearish formation again with an ascending wedge as shown below, with BAT currently in the (E) wave.
A break above $0.26 USD would invalidate the bearish formation.
Finally there is OCEAN, which like BAT and IOTA is trading within an ascending triangle.
In conclusion BTC is still looking bullish, with $52,000 USD still looking a realistic possibility. Most indicators are bullish, supporting the current bullish sentiment. However a consolidation period is looking most likely in the short term, working alongside the short term bearish outlook for many alt coins.
Short term outlook
In the short term similarly to BAT, OCEAN and IOTA, YFI is looking bearish. YFI has formed an ascending wedge which is currently within the (E) wave and has failed to break the 0.618 Fibonacci level.
This will likely see YFI drop down towards the $25,000 USD level. A drop down towards that level would see YFI lose 27% of its current value. However there is a high possibility that YFI could be caught by the 0.236 Fibonacci level, falling only to $28,500 USD.
Long term YFI outlook
In the long term outlook YFI has broken out of the symmetrical triangle in a positive direction, as shown below. The positive breakout has been confirmed by the red retest. This is an overall bullish situation YFI.
YFI/USD price targets
The medium term price target for YFI is $44,000 USD, with the main resistance level being $29,500 USD. $29,500 USD should hold up YFI price if the bulls attempt to push the cryptocurrency down.
YFI/USD Medium term targets
Long term price targets YFI
The long term price target for YFI is firstly $56,500 USD. However if YFI goes parabolic, then this target will be stretched to $72,000 USD, where YFI will hit firm resistance from the 1.618 Fibonacci.
YFI/USD price targets
UNI price prediction
UNI is looking extremely bullish, with most indicators pointing towards further upwards movement. Therefore for UNI, the UNI price target will focus on a movement towards the upside.
The long term price target for UNI is $10.75 USD, with major long term support at $5.25 USD. A rise towards $10.75 USD would be a 64% gain from our current UNI position.