BTCUSD - Strong Upside Breakout This Weekend (Warning Bears!)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello, my friends! I hope everyone is making good profit during my absence on TradingView.

The Bitcoin market has reached a juncture where it is about to explode. To which side, you might asked?

Well, the answer is very obvious if you look at my chart.

It is true that the bulls and bears have each failed the same number of times to initiate a successful breakout in the past. If you study the chart closely, however, you would notice that the bulls have actually covered more ground to the upside during their breakouts than the bears to the downside.

By applying the Ichimoku cloud , we could see that each failed upside breakout in the past had fought hard against thick bearish cloud or walls of resistance. The thickness of the bearish cloud basically represents the selloff volume (short positions) at that given time.

For instance, the bearish cloud was extremely thick during the bullish breakout in May. Back then, the market majority was banking on Bitcoin to capitulate (as if 70% retracement wasn't enough) so naturally the selloffs or short positions peaked. But then, something happened! The bears failed to get price down below $5700 because of the huge demand at that level which upset the supply.

That was when the bulls pushed the Bitcoin price back up to $8500 in their attempt to breakout from the bearish cloud in July. Even though they almost succeeded, we know that it didn't end well and that is because the bearish cloud was still too thick at the time. However, notice that it was not as thick in July as it was in May? What does it mean? It means that the selloff pressure had reduced dramatically or in other words, the bears were beginning to lose faith in the capitulation.

Months passed and we saw the same process being repeated by both factions of the market where most of us started to pull nails out of chipboard with our teeth. Eventually, the trading range got narrowed down with higher lows and lower highs. You might argue that each side has gotten nowhere with the battle and that is where you are wrong. Why?

It is because not only have the bears lost ground to the downside, they are no longer interested in shorting Bitcoin as evident by the thinning bearish cloud on the chart. Yes, the market majority has now shifted from being bearish to bullish on Bitcoin .

Did you also notice that the higher lows and lower highs have helped form a bullish wedge pattern that is about to breakout to the upside? That's right, my friend. If there is to be a successful upside breakout, the best time to do it would be in the next few days when the bearish cloud is at its thinnest.

If an upside breakout does happen by this weekend, price would likely reach close to $10000 at lightning speed. As such, now would be your last chance to get on board Bitcoin if you ask me.

That’s it for today. I wish you good luck and happy trading!

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Sorry but this is absolute rubbish, first of all heavy volume rarely occurs on weekends.
And 10k?! I am calling you 100% out on this, this analysis WILL NOT happen!
+8 Reply
markdej qfina
@qfina, Looks like you own this man an apology
qfina markdej
@markdej, not even slightly, this jump was caused by tether fears, and has nothing to do with TA at all. It's pure coincidence that it happened now, but the TA provided in this post talks of breaking through the Ichimoku cloud which happened, and then fell back through it again, since the jump was nothing to do with bullish BTC sentiment, but instead of USDT fear, which has in turn put pretty much every crypto up 5%.
Once again, this post is NOT going to happen, we are not seeing 10k, and we haven't broken through any resistance through bullish sentiment.
If this guy types crappy comments about bears everytime bitcoin touches the 6k area support,i understand he is dilusional and a strong moonboi.Such "traders" should be ignored.
+6 Reply
Halley MrDorea

No doubt. It's not good vs evil. They are the same. They are the market makers and they dictate and play both sides. The permabulls are us... retail. We get to navigate the decisions made by the market-makers. Optimize your strategy and take advantage.
If it's so obvious it's going to moon to 10k why don't you put your life savings with 100x leverage in BTC? :)
+6 Reply
m5b11 Cedricb
@Cedricb, Is that how you trade? All or nothing... give me a break trolly
+3 Reply
Cedricb m5b11
@m5b11, @aknyc1 come on guys... relax. It's all a joke
aknyc1 Cedricb
@Cedricb, he’s not wrong bitcoins next big move is 14k . All coordinated to a collapse in the stock market
Cedricb aknyc1
@aknyc1, maybe maybe not, for now the stocks are still going up and bitcoin down; would be interesting to see if a reversal of the s&p will push btc up
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