BTC definately not BULLISH yet

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
My first actual published idea. Been charting for a while now. refining the skills.

Lets jump in. On the social abyss that is crypto twitter , I've been noticing a lot of influencers calling for an ALT season without much of any indicators to back it up. The pumps in the alts were due to Bitcoin being tightly range bound.

On to my opinion of BTC . I've been eyeballing a weekly descending support that nobody else seems to notice. It is consistent in this months long cycle that I will outline further below (as long as i can figure that part out).

The 89 EMA is crucial (Dark BLue Moving Average). Last time we closed below, I believe was in 2014. after which sparked a capitulation event and a test of the 144 moving average (Light Blue Moving Average). I anticipate this happening. A weekly close below the 89 will bring in sell off volume and we could see 4k prices.

As always consider all options. Just my opinion


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.