We still have a several hours left in this week but I'm going to go ahead and post my weekly update for Bitcoin. For those of you following my work you are already very familiar with this chart. You know when we hit bottom. You know when we broke out of the large cup and handle. And you know when the 20/40 weekly MA crossed. You also know that in last week's update I was calling for a green candle this week that would entirely engulf the red candle of last week. Well, I'm going to go ahead and say that's how this week is going to end. Unless they can crash the price in the next 7 hours or so this week is going to finish green and engulf last week's candle as predicted. What does this mean? I think it means you need to put on your space suit and your helmet, hook up your oxygen, and get ready for the launch sequence.
Let's start the pre-flight check-list now:
1. Bitcoin broke above the multi-week trend-line - Check! 2. Bitcoin came back to the trend-line for a touch-back - Check! 3. The touch-back printed a red weekly candle - Check! 4. The red weekly candle was engulfed by a green weekly candle - Check! 5. The 20/40 weekly moving averages have crossed - Check! 6. The gap between the 20/40 weekly moving averages continues to widen - Check! 7. I saw another segment on TV this morning about Bitcoin - Check! 8. The Bears are shorting their butts off trying to stop this launch - Check!
Ladies and Gentlemen our fuel is 110% and we are ready for take off. Please throttle up main engines and initiate the count down.
I'll see you on the other side of the moon.
BBS out!
In 10, 9, 8, 7,...........................................
For clarity - If you are day trading this does not mean we are running North and never looking back. We could retrace at any time. I'm just saying that "In General" we are fueled up and ready to see new highs in the weeks and months to come. Since I am already long all I am doing right now it sitting back and watching the show.
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It's official! We closed the week green and engulfed last week's red candle. Release the pigeons! Let the games begin!
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Here is another close up view with the 20/40 moving averages turned on. You can clearly see the cross is in full swing now.
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Just so you all know. I call things to the down side too when I see them. I am a permabull long term but that does not mean I don't follow the trends to my advantage in both directions. The down trend is over and the new up trend has begun. It's as simple as that.
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Hey! I see a few more people are following my work. How about a thumbs up from time to time just to let me know if you guys are still out there. Without any positive feedback how will I ever know any of this is worthwhile to continue?
Thanks!
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It looks like we will be passing 10K soon. Buckle up, it's going to be a bumpy ride!
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We did it! We broke 10K and then some!
Still playing the LONG game waiting for the halving just to see how how we can fly.
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Hang on to this chart guys, It be my last one for awhile. 306 views and only 14 thumbs up? I feel like I'm giving a hell of a lot more than I'm getting.
But whatever, at least I got my Bitcoin in the process and a nice bottle of Champagne.
Later.
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Push the "Play" button to see the lift off!
How was that for the first stage of a multi-stage rocket to the moon?
"Houston, we have jettisoned fuel stage one and will be initiating stage two in T minus 10, 9, 8, 7, ……."
lol, enjoy the ride. But don't let the turbulence shake you out of your seat. :0)
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How's that rocket ride going so far? Have you tossed your cookies yet? lol
@cocoadreamboy,there is no risk if you have no intention of selling this year at any price which is my current situation. We can talk about risk again after the halving next year. But I agree, if you are a trader and just went long at $9,200 your risk is much greater than someone who went long from $3,200 or even earlier. But what is the REAL risk with Bitcoin? In my opinion the real risk is not having any Bitcoin in your portfolio the next time it decides to make another 1K or 5K move without looking back. The minimum stock to flow value of Bitcoin right now is about 60K when it halves next year. How do we get from here to there without a significant increase in prices along the way? No, I think the real risk is sitting on the sidelines waiting for that perfect buying opportunity. That opportunity has come and gone. Now it is time to look for the Second best entry. Then the third best, fourth best, etc. etc. etc.