philthephatman

Bitcoin Supports Held Perfectly!

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi guys. Just a quick post to show how perfectly our supports held. We still haven't reached our target zone (see previous posts); however, proper risk management should have dictated that you at least sold a bit of your holdings for profit. I still believe our target zone is in site. And then? One final HUGE hurdle as we look to escape our long-standing triangle from 2017. I don't know what will happen then, but we may have one last down swing (even into the 6.5k range) before the bulls finally win this 2+ years correction once and for all.!

Happy trading!
Comment: Here's the big triangle:

Comment: Morning traders. Just wanted to let you all know that BTC is still in what I see as an extremely bullish channel. I have adjusted the bottom of this channel's support line to more of a range (light green) for several reasons:
* 1. I don't read other charts but if I had to guess, I would say that other chartist are probably drawing this line in differing places. And, they would be right to do so. The line could be drawn at least 3 differing ways that I can see. Because of this, I have decided to make it a range of support rather than just one line.
* 2. BTC bears seem to be having a tough time breaking below this range, which legitimizes it's placement onto the chart here.

Overall, I see three bullish ranges that I see for BTC: extremely bullish (which is the channel we still currently reside in), very bullish (below the channel down to about 8k or so - I will draw this out on an upcoming chart post if necessary), and finally there is just the "bullish" territory. Now remember, my charts are longer range outlooks so please don't be shocked when I you read this next statement. Anything above 5k is essentially bullish territory. It is the bottom of the larger triangle that I have posted above.

Again, unless, we get below 5k BTC is NOT in bearish territory. BTC has been on a bull run 2017. In fact, some could argue, since inception (as it really hasn't dipped below 50% of it's 200ma value since it's beginning). For the sake of my argument, let's just say 2017, as you can see we remain inside the larger triangle above since 2017.

If we break out of this triangle, I see us breaking out on the top side. I do not see us dipping down to 5k or below (maybe ever), unless there is serious regulation by the U.S. or China. And even then, it's hard to see.

All this being said, I do not rule out the possibility that we could drop one more time, hit the bottom of the triangle and then pop back up and out of it to the upside sometime near the end of 2020 or beginning of 2021.

But, we may also skip this last scenario altogether and just simply break out and to the upside. I don't know.

For the purposes of this chart and it's relation to my current chart postings, I will say that we are mostly still in my trade UNLESS/UNTIL we break below the bottom channel range in green. You could set your stops at anywhere between 9k-9.3k depending upon your risk tolerance.

Our 11-12k target still remain. This trade is still active.

Sorry about all the extra chatter folks. It's Saturday. I have a day off with a little extra time and a lot of coffee in my system. I figured that I might as well fill you all in on my thoughts regarding the bigger picture view of Bitcoin as well.

Happy trading friends!

Comment: Oh, also, although our support has been broken on the RSI chart, we still remain on the top side of 50 and in bullish territory. Bulls are still in control overall though more clarity should be brought to the charts in the next 2-3 days for sure.

Get ready. Set your stops. Should be exciting whichever direction we decide to go.
Comment: Support is getting week! If it breaks, this could happen:

Comment: If we break the previous higher low of $9078, this is what I think we would then do:

Trade closed manually: I am closing this post out as it looks like the chart I posted above seems more likely. That being said, I will post a new chart with elevated targets as indicated above. If you are still in this trade, hold what you've got for now. Look to the new chart for more insight.

This dip is a great sign traders. I am even more optimistic than before because of it!!!

Comments