There we are again. Bitcoin chart and I want to discuss a few scenario's with you guys! Charts coming 3-4 times a week from now on, kicking off with this one.
Bullish market? Bearish market? The momentum is changing pretty fast on Twitter, which I fully understand. We all want the same. The only thing we have to take care off is our own emotions.
In here you can see the emotional phases combined with the stage we're in from the top in December all the way down towards the bottom in February. After that we've made a higher low and a lower high.
So, from that we are getting towards a squeeze pretty soon in May. What do we see more from altcoins? Clear accumulation going on, where we've seen some significant moves. Lock your profits. If Bitcoin decides to drop around 300-400$, you'll be losing all your profits on altcoins and that's not what you want, right?
So, what do I think of Bitcoin in the coming weeks?
There are some scenario's:
1 - The obvious one I've placed in the chart. From here we see another upwards move towards $10.000-10.250 and from there we'll be seeing some correction. Why? On multiple timeframes (bigger ones) we see some clear bearish divergences. It's also possibly making a rising wedge, which suits the bearish divergences. Correction from there can be as low as $7.000, but given the fact that the E is mostly higher than the support lines, I do feel that $8.000-8.500 is the bottom from that correction.
2 - We go up towards the $10.000 zone and break out upwards from there towards the $11.600 zone, which I've mentioned in the earlier chart on TradingView. Given the bearish divergences this is less likely.
3 - From here we can't keep up the support line and start retracing. Combined with the strengt of the market and the altcoins being accumulated, I don't feel that is really the case.
So? What do I think will happen is the following: During the coming week another final upwards run towards the $10.000-10.250 zone. From there 2-3 weeks retracement and from there we break out of this triangle upwards to the next parabolic.
Green box = strong support zone
Red box = strong resistance zone. Breaking that will induce a parabolic run upwards.
Bullish market? Bearish market? The momentum is changing pretty fast on Twitter, which I fully understand. We all want the same. The only thing we have to take care off is our own emotions.
In here you can see the emotional phases combined with the stage we're in from the top in December all the way down towards the bottom in February. After that we've made a higher low and a lower high.
So, from that we are getting towards a squeeze pretty soon in May. What do we see more from altcoins? Clear accumulation going on, where we've seen some significant moves. Lock your profits. If Bitcoin decides to drop around 300-400$, you'll be losing all your profits on altcoins and that's not what you want, right?
So, what do I think of Bitcoin in the coming weeks?
There are some scenario's:
1 - The obvious one I've placed in the chart. From here we see another upwards move towards $10.000-10.250 and from there we'll be seeing some correction. Why? On multiple timeframes (bigger ones) we see some clear bearish divergences. It's also possibly making a rising wedge, which suits the bearish divergences. Correction from there can be as low as $7.000, but given the fact that the E is mostly higher than the support lines, I do feel that $8.000-8.500 is the bottom from that correction.
2 - We go up towards the $10.000 zone and break out upwards from there towards the $11.600 zone, which I've mentioned in the earlier chart on TradingView. Given the bearish divergences this is less likely.
3 - From here we can't keep up the support line and start retracing. Combined with the strengt of the market and the altcoins being accumulated, I don't feel that is really the case.
So? What do I think will happen is the following: During the coming week another final upwards run towards the $10.000-10.250 zone. From there 2-3 weeks retracement and from there we break out of this triangle upwards to the next parabolic.
Green box = strong support zone
Red box = strong resistance zone. Breaking that will induce a parabolic run upwards.
Trade closed: stop reached:
Lost the uptrend line and retracing. Will post a new one tomorrow.
Need to watch for now. Still in the rising wedge.
Update later today.