Hi Traders, the weekly for Bitcoin is looking extremely bullish. To everyone saying we're going back down to 3k or even 6k, we're not. The bottom is in on the 100MA (red) line currently at 7700.
Also, the 30MA just did the 'golden cross' on the 100MA, it's not a big deal it just sparks interest in the market.
Right now, price is consolidating from trying to break the monthly at 11600. This whole quarter, Q3, Bitcoin has been accumulating and will stay that way for the rest of September. Q4 which starts in October, opens a new 3M Bitcoin candle which is opportunity for Bitcoin to test previous ATH.
The spike up to 14000 was just the 1st wave in the Bitcoin rally, the 2nd wave is about to hit us next month.
The hardest part about bitcoin moving up is breaking the 11600 level. Once we can close above that, THEN the price can finally move up to test the next monthly level, 19k. We're also in this local downtrend, but that'll break once we break 11600.
Q1 (Jan-March): Accumulation
Q2: (April-June): Parabolic Wave 1
Q3 (July-Sept): Accumulation
Q4: (Oct-Dec): Parabolic Wave 2
Notice the pattern?
Just 1 more week of accumulation and a stale market, then the flood gates will open in October. By the end of the year we should see a test of the previous ATH at 19k, then accumulate around 17k at the start of the new year.
Also, the 30MA just did the 'golden cross' on the 100MA, it's not a big deal it just sparks interest in the market.
Right now, price is consolidating from trying to break the monthly at 11600. This whole quarter, Q3, Bitcoin has been accumulating and will stay that way for the rest of September. Q4 which starts in October, opens a new 3M Bitcoin candle which is opportunity for Bitcoin to test previous ATH.
The spike up to 14000 was just the 1st wave in the Bitcoin rally, the 2nd wave is about to hit us next month.
The hardest part about bitcoin moving up is breaking the 11600 level. Once we can close above that, THEN the price can finally move up to test the next monthly level, 19k. We're also in this local downtrend, but that'll break once we break 11600.
Q1 (Jan-March): Accumulation
Q2: (April-June): Parabolic Wave 1
Q3 (July-Sept): Accumulation
Q4: (Oct-Dec): Parabolic Wave 2
Notice the pattern?
Just 1 more week of accumulation and a stale market, then the flood gates will open in October. By the end of the year we should see a test of the previous ATH at 19k, then accumulate around 17k at the start of the new year.
