BITCOIN: CANDLES SPEAK: 02.03.2021

I think I have good news for the bulls. As I mentioned in my monthly update few days ago, there was a mixed message by the monthly (somewhat bullish) and the weekly (bearish) candles. And it looks like the monthly is taking over. The coin was stick saved on Sunday from completing the Head and Shoulders and is rallying in a motive fashion. The Monday’s candle was a solid Bullish Engulfing that closed above 8 and 20 EMA.

If BTC continues the rally and closes tomorrow above 51079, the path to 68000-72000 would be cleared. I would consider 72000 as the next major target, measured by the bullish pennant.

The target could be achieved by the end of March – mid April.

The narrow channel on the chart is preliminary and could be adjusted based on the waves.

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