XYZ-Trader-

BTC Bullish AF - No bearish signals here

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC is very bullish and has almost no bearish signals (except for the heavy resistance above).

Bullish signals:
1) Broke 2 year bearish diagonal trend line
2) Retested 2 year bearish diagonal trend line and flipped it into support COINBASE:BTCUSD
3) In a strong uptrend diagnoal line that started back in 2016
4) Above all moving averages
5) Price is bought up on any small retracement

Bearish signals:
1) Strong upper resistance

Caution: Things can change in a heartbeat but everything is pointing to price going up and retesting 12K, 14K and then 18-20K

If you're reading this and price has gone above 12K, I would recommend waiting for a pullback (i.e. 15%, 20%, 30%, etc.) pullback. Also, any money invested, you should be prepared to lose or be prepared to lose 30% or more during 'correction' and 'retracement' moment.

BTC and all other cryptocurrencies are highly speculative and volatile. However, BTC is probably the more probably crypto that will go on since it is the foundation of all cryptos.

Trade at your own risk and this is just my opinion for entertainment purposes.

Comments

what about the volume??
+1 Reply
XYZ-Trader- paranous
@paranous, good question. I generally ignore volume with my analysis. I don't find that it gives any type of edge and usually gives false signals. I focus on support, resistance and trend lines. Buy off support in an uptrend and sell off resistance in a downtrend.
Reply
@XYZ-Trader-, have you focused on the 5+ year trendline support turned resistance we have been rejected by 2x already? lol
Reply
XYZ-Trader- Decentralize_Deez_Nuts
@Decentralize_Deez_Nuts, There is no such support line that you mentioned. I'm guessing you're not a chart guy and a newb. BTC is in a bull market and anyone trying to sell in a bull market will get trampled. Good luck on your 'analysis.'
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mate spot on!!! keep it simple and you did not over complicate your analysis thus giving you a more bullish bias obviously considering the bearish signs. HTF is the way to go for more clear yes fewer trades but less risky and the rewards can be and will be great if one looks and trades off of the grand scheme of the market structure!!! yes one can be more agressive but one has also to be emotionally stable to overcome the stress that may come with LTF tradins especially on high leverage. in short words i wish you small losses ( we cant win all the time) small gains and BIG GAINS keep on rockin sir and thank you for sharing what simplicity and trust in the grand scheme of thingsthings can reward in the long run!!! props to you!!!!
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XYZ-Trader- BlinxRog
@BlinxRog, Thank you for your kind words. My number one goal is to make my charts as simple as possible (avoiding all those complicated indicators and theories people use) and it has served me well. I spend hours to make something look super simple. Good luck with your future in BTC.
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