Looking at the only time Bitcoin behaved this way off a bottom (2013), we can see that it barely corrected before it made its next top. A lot of people have been joking around, saying that Bitcoin may not experience large corrections during this current bull cycle, before the eventual top. They may end up being correct.
AGAIN, This is total speculation, but if Bitcoin followed a similar path to 2013, something like my yellow scenario could happen. This also means that Bitcoin could increase by over 1000% within the next several weeks. This would be unfortunate for our capital gains taxes though :P On the more conservative side, it could follow something like my pink or blue scenarios.
This is extremely unlikely...right? But it was also "unlikely" in my view, that Bitcoin would smash through all the bear market resistances so easily. On the downside, there IS still a possibility that we will have one more drop . This rally seems overextended as it is. But this extraordinary possibility shows you why trying to time this market is nearly impossible. Long term investors "holders" almost always outperform traders for this reason. I need to also ask myself...and the rest of Tradingview...what global/economic factors would even cause this to happen?
The probability of this actually occurring would dramatically increase if the light blue channel resistance in the mid $11K area is taken out. Likewise, it would decrease if we continue to stall in this area for more than another week, and if we break down from the blue uptrend again. What's also really crazy, is that many established altcoins are coiling right at a major neckline resistance - which, if broken, would immediately give way to the possibility of new ATH's. Analysis on that is linked at bottom.
Not financial advice at all. This is just a brash statement. Probably a sell signal for people to looking to take the contrarian trade.
I did call this current move a while ago though :P
And I made a number of other charts speculating about the bottom being in, but I won't post them all here. You can view my post history for that.