Hello there, I'm finally back from my holidays and here is my view for BTCUSD. Enjoy!
It's been a while and I've been missing this stuff, so I'll go straight to the point: I'm one of those who believe that Bitcoin is going to the moon very soon. Let me explain why...
So basically this chart is made up of two patterns which state respectively a major and a minor uptrend. The bigger bull pennant is the dump and recicling time so that bulls take a rest or eventually sell some of their bags and make profit and is visible also on weekly and monthly timeframe, where uptrend is still intact both on relative strength index and moving average convergence divergence since 2016 (older data isn't available for this ticker); the smaller rising channel is a confirmation for the uptrend which started on April 16th on macd, on April 25th on rsi. The first one was suddenly and unforeseenly on July 27th causing a big pump towards 12k, then price action came back down and couldn't manage to re-break it until today; the other will be eventually broken out, the direction is upto traders by now.
So now here we come, let's speak about some important levels. If you zoom out on higher timeframes you'll see, thanks to Fibonacci levels, that price action insisted between some particular values, which we can use to explain why there were so many buyers during last January: the movement is of a typical bearish Gartley pattern in which AC can vary between .382 - .618 - .883 levels. The only one point we miss now (textbook Gartley needs it to be .786, around 16.3k) is a key level, where also an important sell off area is located. This makes me think price will need a big retracement from those highs (maybe in the form of a wedge/pennant - as much down as 7k!), in order to take another rest before aiming for a new all-time-high.
Here it comes what we're talking about: all those moves will take place faster than you expect and last lows before the rally restarts won't be seen later than April 2021. What then? A moonshot. Literally. And only greed can stop price from flying. Targets will be as high as 1.618 (30k) - 2.618 (47k) - 4.618 (81k) and their logarithmic big brothers (62k - 396k - 16M).
Hope you liked this greedy comeback, see you on next prediction! Trade safe and be your own bank. Anlvis