BTCUSD Bitcoin : To the moon? Would help to know 23.5
To buy or not to buy? Let's put some practicality and cold data to know.
Fundamentals :
1) Inflation, inflation, inflation - All you see all day on the news.
2) Uncertainty, uncertainty, uncertainty - The true vibe of all economical news.
3) Supply/demand status for Bitcoin is very straightforward - Will demand go away? Most very probably not. Will supply shrink? Most certainly yes. Result = Price increase sooner or later.
4) Inflation + Uncertainty = Cryptocurrency shines when compared to the stock market or cash/savings/bonds. Only real competitor is commodities and properties - And there's enough cash around for everyone.
Technicals :
1) ~25,000 shows 3 converging support lines stretching back 2 years - We see a clear rebound and consolidation from this key support range, which is a bullish indication.
2) Shorter-term consolidation consists of 31,800 to 28,500.
3) Once 31,800 is broken 33,500 may be reached very quickly.
4) Second target of consolidation breakout is up to 36,500 - 37,500.
5) An unlikely break below 28,500 would very likely retest around 25,000.
6) The odds of breaking lower than 25,000 are very slim and would likely be a false break and a spike - Only a weekly close below would potentially mean 20,000-25,000 range trading for a mid term period.
7) DXY USD index is falling while Bitcoin is gaining, showing inverse correlation , DXY is very likely to continue falling due to testing very long term (decade long horizontal resistance which was confirmed last week between 103.80 to 104.50) - The continued fall of USD from this insane high may be plenty of Bitcoin gain.
8) Following the Wycoff methodology 28,500 to 31,800 is very likely to be accumulation phase which should follow with an up-trend.
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Thank you so much for reading! If you found my idea useful, please like and follow! It would truly mean a lot for me.
Don't hesitate to ask anything or make any comments - This is the fuel to keep me going.
I encourage you to do your own research and be cautious when trading , I am not a financial advisor.
----------------------------------------------------------------------------------------------------------------------
Fundamentals :
1) Inflation, inflation, inflation - All you see all day on the news.
2) Uncertainty, uncertainty, uncertainty - The true vibe of all economical news.
3) Supply/demand status for Bitcoin is very straightforward - Will demand go away? Most very probably not. Will supply shrink? Most certainly yes. Result = Price increase sooner or later.
4) Inflation + Uncertainty = Cryptocurrency shines when compared to the stock market or cash/savings/bonds. Only real competitor is commodities and properties - And there's enough cash around for everyone.
Technicals :
1) ~25,000 shows 3 converging support lines stretching back 2 years - We see a clear rebound and consolidation from this key support range, which is a bullish indication.
2) Shorter-term consolidation consists of 31,800 to 28,500.
3) Once 31,800 is broken 33,500 may be reached very quickly.
4) Second target of consolidation breakout is up to 36,500 - 37,500.
5) An unlikely break below 28,500 would very likely retest around 25,000.
6) The odds of breaking lower than 25,000 are very slim and would likely be a false break and a spike - Only a weekly close below would potentially mean 20,000-25,000 range trading for a mid term period.
7) DXY USD index is falling while Bitcoin is gaining, showing inverse correlation , DXY is very likely to continue falling due to testing very long term (decade long horizontal resistance which was confirmed last week between 103.80 to 104.50) - The continued fall of USD from this insane high may be plenty of Bitcoin gain.
8) Following the Wycoff methodology 28,500 to 31,800 is very likely to be accumulation phase which should follow with an up-trend.
---------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful, please like and follow! It would truly mean a lot for me.
Don't hesitate to ask anything or make any comments - This is the fuel to keep me going.
I encourage you to do your own research and be cautious when trading , I am not a financial advisor.
----------------------------------------------------------------------------------------------------------------------
Trade active:
Touched 28,500 and bounced $2,000 up to 30,500!
Range is up to 31,800.. So there could be more range trading back down, only a daily close above 31,800 would be new range confirmation
Range is up to 31,800.. So there could be more range trading back down, only a daily close above 31,800 would be new range confirmation
Trade active:
Still within consolidation range of 28,500 - 31,800
