Bitcoin - Just look at the chart, Bullish or Bearish?
Dear friends,
I can't resist showing you this chart of Bitcoin.
Why? Because many people are afraid of a decline! Is it right?
Look at this chart and judge yourself. By the way, I respect the opinion of everybody. It is not right or wrong. It is an idea and the number of logic elements make it more or less valid. Feelings about prices tend to be often wrong so that is the reason I like to trade what I see and not what I think.
There is always your stop loss, Stop loss hit, perfect, buy it even lower. But the main trend of Bitoin is up and it will reach much higher prices in the future due to the limited quantity of coins to be mined. (not so with others).
1. This chart shows that Bitcoin is still in a bull market! Although at the bottom of the channel, the bottoms are still rising! A quick look and you see it right away without even thinking.
2 The 200 MA slope is also bullish and pointed upwards! The price is below the MA but price always comes back to the MA. A falling slope of the 200-period MA is very different and indicates a bear market. Not the case here.
If Bitcoin completes the 4 year cycle as it should be (Also read my previous updates on why Bitcoin is interesting with the US printing trillions of dollars) then you get a more complete and clear picture.
The red trajectory is a possible traject but if Bitcoin with a close daily candle below 30000 then that is a clear breakout from the longer term trend channel with possibly 10000 as a goal. But even then Bitcoin remains in a rising trend. This trend line can be seen standing at 15000 by the end of 2021.
This is what the chart shows and what could be possible because it did not happen yet!
Please share your thoughts and idea's below dear friends. What do you think and why do you think it.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
I can't resist showing you this chart of Bitcoin.
Why? Because many people are afraid of a decline! Is it right?
Look at this chart and judge yourself. By the way, I respect the opinion of everybody. It is not right or wrong. It is an idea and the number of logic elements make it more or less valid. Feelings about prices tend to be often wrong so that is the reason I like to trade what I see and not what I think.
There is always your stop loss, Stop loss hit, perfect, buy it even lower. But the main trend of Bitoin is up and it will reach much higher prices in the future due to the limited quantity of coins to be mined. (not so with others).
1. This chart shows that Bitcoin is still in a bull market! Although at the bottom of the channel, the bottoms are still rising! A quick look and you see it right away without even thinking.
2 The 200 MA slope is also bullish and pointed upwards! The price is below the MA but price always comes back to the MA. A falling slope of the 200-period MA is very different and indicates a bear market. Not the case here.
If Bitcoin completes the 4 year cycle as it should be (Also read my previous updates on why Bitcoin is interesting with the US printing trillions of dollars) then you get a more complete and clear picture.
The red trajectory is a possible traject but if Bitcoin with a close daily candle below 30000 then that is a clear breakout from the longer term trend channel with possibly 10000 as a goal. But even then Bitcoin remains in a rising trend. This trend line can be seen standing at 15000 by the end of 2021.
This is what the chart shows and what could be possible because it did not happen yet!
Please share your thoughts and idea's below dear friends. What do you think and why do you think it.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Comment:
Dear friends,
The wedge has broken and with it, as I thought, the HS has become invalid.
We can now quickly reach higher targets again especially since we have broken through resistance 35000.
The wedge has broken and with it, as I thought, the HS has become invalid.
We can now quickly reach higher targets again especially since we have broken through resistance 35000.
Comment:
Dear friends,
The positive divergences are still there and the strength is increasing in a contra movement. The RSI indicator has not broken the support line either.
The POC is 36000 as well as the 50% fib level. So I think that will be our first target.
The positive divergences are still there and the strength is increasing in a contra movement. The RSI indicator has not broken the support line either.
The POC is 36000 as well as the 50% fib level. So I think that will be our first target.
Comment:
We still can bounce as you see in this screenshot.
There are a lot of positive divergences (not strange) and we have RSI support and trendline support.
There are a lot of positive divergences (not strange) and we have RSI support and trendline support.
We are on our way to 20000? No I don't believe so and would be too good to be true! The longer term picture is still intact just look at this chart!
I see very low volume and if we add the extremes of the rising trend line as a margin it only becomes bearish below a close of a day candle of 33400. Then we don't even have to wait until 30000 because then Bitcoin drops to 28000 and then 25 to 20000.
Anything is possible and by the way, this is an excellent scenario. If you can buy Bitcoin at 20000 that's even better but again, I first want to see a trend line broken with a close of the day candle. As far as I am concerned nice opportunities now. Either we buy bitcoin at 20000 soon or we just continue with the bull market.
Good luck dear friends!