First and foremost the bear trend formed from the recent ATH
of $5000 to the low of $3000 has been broken out of. This is a strong indicator of the commencement of a new bull trend. The initial bullish
rejection from the trend low and then consolidation leading to a breakout is of the exact nature of the beginning of the last bull trend taking place from July 16th - August 2nd which ended with a 78% increase from the breakout point. My conservative target from this breakout point is the 1.618 fib line at $6300 (65% increase) and then second more probable target is an increase of 78% to the lower 0.75 fib trend line
around $6800. These are highly probable targets not only because of T.A but also because institutions from Canada and the U.S.A are about to enter the bitcoin
arena this coming month through LedgerX (U.S.A, bitcoin
futures/derivatives exchange regulated by the CFTC): https://supload.com/B18B3WMiW
and through an ETF
launching on the TSX (Canada's stock exchange): http://www.sedar.com/CheckCode.do
. Media outlets have yet to ignite the FOMO on this which alone will take the price to these targets. The institutional "Wall of money" is what will launch us to $10k by the end of the year.
Stop Loss: $3640
T.P 1: $6300
T.P 2: $6800
End of year target: $10000
As with all bull trends, I will have buys sitting on and above the 4H Tenkan/Kijun's to load up on retraces.
The total Cryptocurrency Market Capitalization has also broken out of a bear trend, potentially commencing a new bull run all across the board. More charts to come on this later.