Allow me to be one of the only analysts to inform you that Bitcoin is in a bear market rally. It held the top of the channel that I showed in my last analysis and rallied higher. However, I'm becoming increasingly convinced that the bear market is not over, and that this is a bear market rally. It's hard to know for sure though, because there really is a lot of evidence to the contrary. However, I think as soon as we roll over, it's going to be very violent. In fact, I think it could be so violent, that we test or surpass the December low. I know a lot of people will disagree, and they're all entitled to their opinions, but that's my view.
I've written extensively about how BTC still hasn't touched the bottom of my rising log arch (in blue,) but I think it will eventually touch later this year. I have calculated the most likely date of that happening to be on October 9th, with price being somewhere around $3000. If that happens, not only would it fulfill the rising log arch, it would also fulfill the linear nature of Bitcoin, which everyone has either forgotten, ignored, or failed to understand. With that said, there could definitely be more upside left in this rally. I have been trading it heavily, getting in and out by trailing a tight stop. That's my preferred method right now, because I know that the market could plummet at any moment. I want to capture the gains safely. So, I maintain a tight stop, usually of a couple hundred dollars, depending on how good my entry was. I also rely on fast moving averages on the lower time frames. I will continue to rely on those methods until the market finally rolls over, and we see the real sell signal from the NVT. Speaking of the NVT, it now has the biggest pending sell signal that it has ever had, and when the sell signal actually triggers (when it breaks out of the red range) there will be absolute carnage that catches the crypto markets completely off guard. So, when we do finally see the sell signal, I will be in cash until BTC reaches my regression line and or fulfills the linear expansion.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
I've written extensively about how BTC still hasn't touched the bottom of my rising log arch (in blue,) but I think it will eventually touch later this year. I have calculated the most likely date of that happening to be on October 9th, with price being somewhere around $3000. If that happens, not only would it fulfill the rising log arch, it would also fulfill the linear nature of Bitcoin, which everyone has either forgotten, ignored, or failed to understand. With that said, there could definitely be more upside left in this rally. I have been trading it heavily, getting in and out by trailing a tight stop. That's my preferred method right now, because I know that the market could plummet at any moment. I want to capture the gains safely. So, I maintain a tight stop, usually of a couple hundred dollars, depending on how good my entry was. I also rely on fast moving averages on the lower time frames. I will continue to rely on those methods until the market finally rolls over, and we see the real sell signal from the NVT. Speaking of the NVT, it now has the biggest pending sell signal that it has ever had, and when the sell signal actually triggers (when it breaks out of the red range) there will be absolute carnage that catches the crypto markets completely off guard. So, when we do finally see the sell signal, I will be in cash until BTC reaches my regression line and or fulfills the linear expansion.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
