What are the expectations towards BTC now with the halving? Well, if we look in the long run, BTC has a lot of potential and the theories about it hitting U $ 50k (and beyond) are not so insane anymore. But what the chart can tell us?
Look at the weekly chart. BTC is trapped inside a descending channel for almost a year now, and last week did a candle that’s not good. We can assume it's a pullback, because the price needs a rest after such a bullish move, and that’s alright. But we need to escape that channel!
Despite last week’s candle, there are reasons to believe BTC will rise again. See the volume? Unlike the last bullish trend (purple rectangle), the last bullish move had a good amount of volume, a sign of interest in the crypto. During a lot of weeks the volume was low, and now we see a sudden raise, and just like the father of technical analysis, Charles Dow, said about a century ago: “The Volume Must Confirm the Trend”.
We should not get disappointed with that recent drop of the prices and think of it more like an opportunity to buy BTC at a lower price. I’m optimistic towards the crypto, and in my view, we haven’t seen the real potential BTC has yet.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts; - Trades with clear risk management; - The best of Dow Theory, Price Action and Candlestick psychology; - Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
@carbon0212, Hello carbon! If you're a hodler it's worth buying now, yes. If you are a trader, depends on your style. As I said in my today's analysis it's a long trade to me, but we can expect some erratic moves on its way. Either way, be safe!
Hi Nathan, so you believe bulls are ready to get in?
Nathan_Black
⋅
@wratorres, wratorres, nice to see you here again! Yes, I believe in the long run BTC has a lot of potential (I'm talking about years, decades maybe), but we need to be careful in the short term, ok?
Be safe, friend.