Hi guys,
In this analysis I look to the weekly BTC chart and the BOP indicator showing me we could have already set are lows and are now looking for the continuation to the upside.
Please remember this is just my opinion and I could be completely wrong.
I'll show you what I see on my charts and you will have to come to your own conclusions. This is the beauty of doing chart analysis and being able to share it with you is a privilege.
Looking at the weekly chart on the right we see that the BOP bottomed out in late June '2022 showing us the market participants were starting to accumulate BTC, the BOP is an indicator showing the net seller vs net buyers.
Looking back to January of '2019 we see that the BOP formed a low and went sideways showing us buyers were stepping in accumulating BTC. Are we now in the same place we where back in '2019 are we now heading back to the upside, I'll let you decide.
On the left we can see that we broke the 200 day moving average and if the averages can hold as a strong support we could see a brake of the upper yellow zone letting price find its ways to the top red zone around 30K.
Now if price falls back bellow the moving averages and brakes the green zone on the daily chart we could be heading lower. Remember at the end of the day its all about the amount of buyers vs the amount of sellers.
It looks like we could see a pull back but will people be expecting a lower low or a brake out to the upside. What is smart money doing.
These are existing times to be in crypto a new asset class wow when was the last time one of those came around.
Its still early in the life of this asset class if you could make a plan and stick to it how much could a small portfolio be worth in the next 5-10 years.
tools used:
As always Invest wisely and with a good plan in place.
"capital loss is more painful than capital gained"
Stay safe,
Crypto Leonard
P.S. This is NOT finantual advice if you seek finantual aid seek the help from a licenced professional.
In this analysis I look to the weekly BTC chart and the BOP indicator showing me we could have already set are lows and are now looking for the continuation to the upside.
Please remember this is just my opinion and I could be completely wrong.
I'll show you what I see on my charts and you will have to come to your own conclusions. This is the beauty of doing chart analysis and being able to share it with you is a privilege.
Looking at the weekly chart on the right we see that the BOP bottomed out in late June '2022 showing us the market participants were starting to accumulate BTC, the BOP is an indicator showing the net seller vs net buyers.
Looking back to January of '2019 we see that the BOP formed a low and went sideways showing us buyers were stepping in accumulating BTC. Are we now in the same place we where back in '2019 are we now heading back to the upside, I'll let you decide.
On the left we can see that we broke the 200 day moving average and if the averages can hold as a strong support we could see a brake of the upper yellow zone letting price find its ways to the top red zone around 30K.
Now if price falls back bellow the moving averages and brakes the green zone on the daily chart we could be heading lower. Remember at the end of the day its all about the amount of buyers vs the amount of sellers.
It looks like we could see a pull back but will people be expecting a lower low or a brake out to the upside. What is smart money doing.
These are existing times to be in crypto a new asset class wow when was the last time one of those came around.
Its still early in the life of this asset class if you could make a plan and stick to it how much could a small portfolio be worth in the next 5-10 years.
tools used:
- colour coded rectangles
- trend based fib
- fib retracement
- EMA,MA's
- BOP
- RSI
As always Invest wisely and with a good plan in place.
"capital loss is more painful than capital gained"
Stay safe,
Crypto Leonard
P.S. This is NOT finantual advice if you seek finantual aid seek the help from a licenced professional.
