The GUNNER24 Forecasting Method offers that the final highs of this bitcoin rally cycle are still pending. My new forecast shows that it is allowed to fly to a 46000$ within days.
Here is the weekly chart of the Bitcoin continuous futures contract (BTC #). Within we are allowed to anchor a textbook 13 Fib number Candle GUNNER24 Up Setup at the low of 2020. This coronavirus-panic extreme sealed the next higher bull market lows of the bitcoin futures:
This setup is the only valid one we should work with on weekly base and even this is only mildly confirmed with the past movements and price activity. However, such a relatively unconfirmed situation is not uncommon in the highly emotional markets and trends. As always, I have highlighted the most important confirmations that the setup was respected in the past and that the selected scaling should fit properly.
Well, I think bitcoin has to rally further into higher alltime-highs because this past week candle again closed above the lower line of 5th double arc what is a confirmed main resistance of the bitcoin rally, thus firing another weekly buy signal after the recent two week pullback was a textbook backtest of the former finally upward broken 4th double arc area.
After printing the 42730$ January 2021 alltime-high (ATH) slightly above the end of setup regarding price a pullback and successful backtest of the 4th double is a quite common bull market behavior.
With price now strongly back at 5th double arc magnet and reconquering the "Nearest Support Angle" on weekly closing base we have received a double signal that the two week January 2021 (Jan21) pullback should have printed a next higher rally low and another combined daily and weekly push higher has been started at seen Jan21 pullback low.
As the main consequence of such a next started upcycle the rally should continue although - of course - the price actually still quotes at 5th double arc main resistance and shy below the upper end of setup regarding price what represents well-confirmed current ATH main resistance. Please remember that the end of setup - the two dark-red dashed resistance horizontals represent this end -, always offers a MAJOR uptarget resistance where the entire trend is allowed to top finally and turn for longer...
The weekly signal situation is thus back in full sync with the monthly signal state: ==> this next textbook 8 Fib number BTC # Up Setup on monthly base signals that the rally should hit and work off the lower line of the 4th double arc uptarget next and usually very soon!
The setup starts measuring to the upside at # 1 // 2018 Alltime-low. The lower line of 4th runs at about 46000$ for this month candle and the next due candles:
The very last indirect confirmation that this setup could deliver a nice and accurate forecast is send at final low of the December 2020 candle what was a 100% accurate backtest of the important 2*1 Support Angle from above.
By this low we have confirmation that the 2*1 should continue to radiate lifetime-base support energy in the coming future, coming years and at always sometimes due next test.
Otherwise, the setup, and thus also we, have one main problem, namely that since the first square line buy signal, that was triggered by the Nov20 opening auction, none of the double arcs or individual double arc lines the price has passed since have been confirmed in any way.
As already mentioned above such
exaggerated bull behaviour where the lines of the GUNNER24 Double Ars
are not or hardly respected is often seen on the emotional FOMO charts.
Especially in extremely high-energy cycles. And bitcoin, well, since
Biden elect has gone into an exceptionally strong rally cycle, which
probably needs to last a little bit longer, because:
A) With the February candle the price is again back, and above all, now
holds again well above the monthly 3rd double arc. B) Has cemented a
new natural Gann Angle support on monthly closing base with the January
2021 close, which in 2019 was an important rising angle resistance at
the beginning of the bull market = the price immediately finds new
important natural support at the beginning of the new year. This is a
bullish combined price/time signal, what points to trend continuation.
This 2021 Support Angle together with the 3rd double arc environment is
now nearest important = strongest monthly support magnet below.
C) Bitcoin just fired a likely next
important higher rally low and another weekly buy signal and thus D) by
this the monthly lower line of 4th double arc was activated as the next
nearest important GUNNER24 Upward target on the monthly chart.
Accordingly, the forecasting method recommends that BTC # has to rally
further into the lower line of 4th uptarget with a probability of about
80% or so. And well, if a market shows a confirmed exaggerated rally
cycle, the activated GUNNER24 Upside targets are usually always
processed quickly.
==> Bitcoin has 80% odds to hit a 46000$ later in February 2021 towards March 2021.
Of course it might be the outcome that current rally cycle has to trade much higher as "only" a 46000$ and forecasted monthly 4th double arc hit, but somehow I have the feeling the price might be capped there for longer. Hmm...., in any case the in the year 2020 activated round 50000$ W.D. Gann upmagnet number should be hit and tested in further course of 2021!
Next let`s focus on the daily chart and to its current rally status and trend behavior. This developed daily 2 Candle GUNNER24 Up offers that the 46000$ might be hit around resp. until February 24:
This setup looks well-confirmed and is starting at # 1 // 28900$ // reached January 2021 pullback low. The likely next higher monthly low. The small blue arrow highlights a day close 100% exactly at and below former Blue Arc resistance. The following day shows final high 100% accurately at first square line resistance from below. Wednesday close is exactly at natural GUNNER24 Uptarget of lower line of 1st from below.
The highest possible price of the upper line of 2nd double arc is in 100% sinc with the 42730$ ATH. Means, this future upper line of 2nd +++ the horizontal out of highest price of upper line of 2nd, the 28900$-Jan21 pullback low and the ATH are in 100% direct mathematical context.
Overall, we recognize that the 1st double arc meant stronger main resistance for the upcycle until Friday which close worked through the determining 1st double arc resistance area.
==> New daily buy signal for bitcoin as Friday crossed the natural 1st double arc resistance to the upside. This is a next daily buy signal, and at same time also a next weekly buy signal what activates the fast run into lower line of 2nd uptarget at the 40812$. Usually the daily 40812$ uptarget has to be processed by next Tuesday at the latest.
This uptrend has established the Support Angle as most prominent rising support rail whereby the Support Angle radiates rising daily closing base support. It supported nicely at 8 consecutive occasions, making this angle an unusually strong ongoing upcycle support.
It might be the final outcome that this energy state would like to last until the final processing of the 46000$. There is at least a chance that bitcoin, guided by this daily Support Angle, has to run straight up to the 46000$ surroundings, because this Support Angle on the daily chart intersects the possible upward target of the lower line of 3rd double arc at monthly 46000$ around February 24th, thus forming a rather obvious combined daily and monthly upward resistance magnet.
It should be quite clear and therefore the bitcoin bulls should also be prepared for the outcome that the 2nd double arc along with the naturally strong 40800$ - 42730$ ATH environment should provide resistance for at least a few days, as well as that a next "deeper and/or longer" pullback could be triggered by this combined resistance magnet, which might break the Support Angle on a daily closing basis, which should/could usually delay the 46000$ work-off around February 24.
But now that the 3 important time frames, daily, weekly and monthly, have swung back together to strong buy, the 46000$ GUNNER24 Uptarget and possible MAJOR Bitcoin TOP could well be reached in further course of February 2021!
Be prepared!
Eduard Altmann