Following my last update on bitcoin, the market has finally broken out of the buy set up and it's currently en route to the upper rising trendline at 9k. So the sort term view on bitoin is of course LONG but we are still in a corrective structure so I still expect the market to eventually give us a big drop but that will probably only come after we hit 9k.
You can have a look at all my previous analysis on bitcoin below.
Any opposing comments. arguments, views or feedbacks are welcomed!
Good idea and I like the fact that you have focused on a long term horizon. It is much better to focus on the larger time frames and I take it a step wider on the 1W, where Bitcoin is testing the MA20. If broken then we have confirmation of a strong bullish extension.
Joseph_Yabwa
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@TradingShot oh I like your analysis and your chart looks really cool! Yes when it comes to crypto’s it’s always better to look at it on a higher time frame 👍
hazy_17
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Dude, your charts and analysis are so clean, to the point and spot on. Definitely gonna follow you. Keep up the good work! Do you think 5.3K-6K is our next pivot point before an uptrend starts?
Joseph_Yabwa
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@hazy_17, Hi Thanks for the positive feedback, It means lot. I think there's a good chance we might even go lower than that before the uptrend starts but it will be a lot clearer in the new few days so watch out for my next higher time frame update
i see we will drop from this point 7497 to 4550 approx then rise.....if it had to go higher it would have done so sooner ......could be wrong but that's what my trading system tells me. btc, gold, dow all going south
Joseph_Yabwa
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@bobbyontherocks, Hi, thanks for sharing your point of view! Fair enough, if thats what your analysis tells you then i totally respect your point of view but I don't think that will happen so let's wait and see
bobbyontherocks
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@Joseph_Yabwa, hi whats weird when i get up in the morning I see signal changed to up ...now hope both of us are correct lol....hope you and family are keeping safe in these times
AZ9MD
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I agree! Great chart I think it will be around 10k run and after we will see if more.