Bitcoin steadily rising: $12500 when FOMO kicks in?

25 Jun, 2019
by Lourens Pepler
Price Analysis
Bitcoin steadily rising: $12500 when FOMO kicks in?

Bitcoin is currently sitting at yearly highs and it doesn't look like its done increasing just yet. Today we focus on the smaller time frames to look at possible support levels as BTC makes it way towards our main target of $12,5k. This is the BTC analysis for 25 June 2019.

Highlights:

- We look at a smaller time frame

- RSI trending higher

- $1111 support level

- $12500 main target

Starting off with a 15min chart, we are able to spot a nice uptrend that BTC has been riding this past 2 days. Drawing some simple trendlines on the highs and the lows allows us to see the channel within which btc is currently trading.

BTC/USD chart provided by Tradingview

According to the trendlines, BTC is now on top of support in terms of momentum and is also above the 50 RSI. As we know, the 50 RSI acts as support for momentum during an uptrend.

Although BTC is currently on the trendline, does not necessarily mean that price will not go lower. As you can see on the RSI, its best to wait for momentum to dip outside of the trend, and to then make a higher low on RSI, indicating that momentum is ready to return to trend.

A price level that has not been retested on the lower time frame is the $11111 level. A dip on momentum would surely get BTC to around this level, making this our main support for today. Using the average distance between dips on the momentum, we are able to plot out the possible area on the RSI where we can expect the turn in momentum to happen.

BTC/USD chart provided by Tradingview

Using the same idea, but now using the average distance between the highs, we are able to more or less predict the RSI highs for the next push in momentum. According to the RSI, we can expect the rise to happen before end of day.

BTC/USD chart provided by Tradingview

Another increase in RSI, will cause price to push onto new yearly highs, which opens the gate for FOMO buying. A nice proper FOMO wave will then get us to our target of $12500. Whether BTC will push straight towards $12500 or just slowly rise towards it, depends on how much FOMO buying will take place.

Do you agree that BTC will experience a nice FOMO pump that can bring us to $12500, or is the higher time frames over extended and we should expect a dip first? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Poll

Will BTC dump first before a FOMO pump?

(14 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage