LongLifeTrading

BITCOIN'S BULLISH REVERSAL CONFIRMED!

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
As continuously discussed over the last few weeks, both here and on the YT channel, we've long welcomed a fakeout down below the very key $30 000 support zone , but given that it would recover aggressively and at massive trading volumes.

We have now gotten EVERYTHING we've asked for and more in Bitcoin , and for those reasons there is a strong chance the bottom has in fact been set, and that new all-time highs are within reach.

What then are the things that further confirm this bullish reversal case?

1) As marked on the chart, we had a fakeout that turned into a bullish hammer on the 4-hour chart - and at significant trading volumes at that to let us know that the bulls are in full control and that they control the support zone .

2) The support zone held up. This is important as there is no support to speak of below until the previous all-time high at around $20 000.

3) The RSI is showing healthy patterns of recovery. This slow, gradual increase is a textbook sign of emerging strength.

These would all individually speak of strength. Now they come together as a force and I am convinced enough about this being a reversal to have moved all-in, not in Bitcoin , but in Marathon Digital Holdings, as it moves exponentially to that of Bitcoin .

Of course, there are still dangers lurking about. IF the price were to break below $30 000 again, then expect a brutal capitulation drop to take place. Luckily, there's a lot of built-up strength on the charts now to render that possibility unlikely. With that said, I will release EVERYTHING should Bitcoin break below again. One test below was the bullish fakeout to shake out the last weak hands that we asked for. A second revisit would change everything for the worse.

With that said, I am highly optimistic about this. And given that I bought in again at $33 000 equivalent, the stoploss is $3 000 below. But ... given that new all-time highs are fair to assume given the five month long wait in combination with the fact that we're technically still in a mark-up, $90 000 should be a conservative number before any significant correction of -20-30%. This means that the upside is $57 000 whereas the downside is $3 000. This gives us 19:1 in odds.

What this means is that as long as there's at least a 5% chance of this having been the bottom, then it's mathematically worth taking a long trade. And, I'd say it more than fair to assume that the chances of this being the bullish reversal we've been waiting for is far higher than 5%.