Hello friends,
I am here to inform you that we could be near the end of the bear market. $6,000 has just been the strangest support to me. I don't know why it has been holding up so well, but it has. Anyways, we are in a wedge, which means we will likely test the top of the channel and maybe come down to the lower channel again. We should break out strongly out of this wedge considering how low the volatility has been for bitcoin.
If you were an options trader, you would be looking to trade with a saddle and good premiums. This volatility will certainly change.
I am currently long from $6,500 and it is my personal belief that we very well could be about to begin an uptrend. This belief is based on the seasonality of bitcoin. Bitcoin tends to be bullish around this time. Obviously, you don't want to bet your house on a trend, but $5,700 is close enough to $5,000 for me to consider it the bottom.
Either way, we will know once outside the wedge. I am very bullish bitcoin if we go above $7,500. Above $12,000 is official bull market territory. Volume profile agrees. If we go above that, $20,000 should be like those beads that people hang on doorframes instead of putting in doors. And we will have a battering ram. No problem.
If you liked the post, give me a like and follow.
Thanks,
-YoungShkreli
I am here to inform you that we could be near the end of the bear market. $6,000 has just been the strangest support to me. I don't know why it has been holding up so well, but it has. Anyways, we are in a wedge, which means we will likely test the top of the channel and maybe come down to the lower channel again. We should break out strongly out of this wedge considering how low the volatility has been for bitcoin.
If you were an options trader, you would be looking to trade with a saddle and good premiums. This volatility will certainly change.
I am currently long from $6,500 and it is my personal belief that we very well could be about to begin an uptrend. This belief is based on the seasonality of bitcoin. Bitcoin tends to be bullish around this time. Obviously, you don't want to bet your house on a trend, but $5,700 is close enough to $5,000 for me to consider it the bottom.
Either way, we will know once outside the wedge. I am very bullish bitcoin if we go above $7,500. Above $12,000 is official bull market territory. Volume profile agrees. If we go above that, $20,000 should be like those beads that people hang on doorframes instead of putting in doors. And we will have a battering ram. No problem.
If you liked the post, give me a like and follow.
Thanks,
-YoungShkreli
Comment:
Don't like the low volume... am skeptical, maybe we do have more pain ahead...