This post is an instance where solid charting takes presidency over all other indicators. The chart shows three instances where the bitcoin price action tested previous resistance as support prior to the bull market beginning. The move shakes out the weak hands and puts bitcoin into strong hands that are willing to buy fantastic dips while others drop after being burned.
The trendlines are dynamic resistance, they change over time. The bollinger band is likewise a dynamic resistance. Other examples would be the volume profile or moving averages (not shown). Clearly some of the best long term buying opportunities of bitcoin have been when price action is below the lower limit of the bollinger band.
Other great times to buy are when price action is testing previous resistance as support. The purple, black and orange arrows show those buying opportunities and the red arrow shows a support line that is currently unbroken and tested as resistance. If you see weekly candles below that line and finding resistance rather than support it is sign that a hellish dump is close.
The price targets so targets based on the trendline and the bollingerband. The most bullish target would be a test of the bollingerband baseline which would signal an immenant bull run, as finding support on the baseline was a hallmark of the 2016-2018 bull market. There is the baseline and the lower limit and both would be technical places to invest.
The orange price target is based on the trendline being confirmed as support. The red target is based on the longest term supporting we have and would require the price actin to lance through the bollinger band, wich is, as I said, historically a great buying opportunity.
And just because have a pic of the massive amount of bullish divergence on BTCUSD. It would just take one teeny weenie dip to the baseline or lower limit to fix that. The chart is on the monthly with the weekly bollingerband thanks to the BB MTF.
The trendlines are dynamic resistance, they change over time. The bollinger band is likewise a dynamic resistance. Other examples would be the volume profile or moving averages (not shown). Clearly some of the best long term buying opportunities of bitcoin have been when price action is below the lower limit of the bollinger band.
Other great times to buy are when price action is testing previous resistance as support. The purple, black and orange arrows show those buying opportunities and the red arrow shows a support line that is currently unbroken and tested as resistance. If you see weekly candles below that line and finding resistance rather than support it is sign that a hellish dump is close.
The price targets so targets based on the trendline and the bollingerband. The most bullish target would be a test of the bollingerband baseline which would signal an immenant bull run, as finding support on the baseline was a hallmark of the 2016-2018 bull market. There is the baseline and the lower limit and both would be technical places to invest.
The orange price target is based on the trendline being confirmed as support. The red target is based on the longest term supporting we have and would require the price actin to lance through the bollinger band, wich is, as I said, historically a great buying opportunity.
And just because have a pic of the massive amount of bullish divergence on BTCUSD. It would just take one teeny weenie dip to the baseline or lower limit to fix that. The chart is on the monthly with the weekly bollingerband thanks to the BB MTF.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion