BillCharison

$BITCOIN - Important Level from 2017 Signals LONG!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
On the weekly chart we can see how the price moves through the cycles of profit through the mirror level. At first, the price formed the level in the beginning of September 2017, when the price peak was created and broken through this level in November before the movement to to $19000.
Afterwards the price, when nearing the level, used said level before the second break through.
What followed was the price breaking through the mirror level upwards in May 2019.

It is worth paying attention to the parallel position of downwards levels, which occurs every time the price approaches the level from above, which pushes us to a conclusion that the level is still relevant. At this point the price is in the retest phase of the support prior to an upwards movement, whilst being traded within the boundaries of the triangle formed from the parallel resistance and support.

Considering that the placement of the level of parallel support is located higher, we conclude that the price from this point can only move up. We are also supported by MA50 on $7100, an upwards support on $7355 and by another upwards support on $8000, from which the LONG position can be opened. The breakthrough of the downwards resistance after the retest will move the price to $14000+, which coincides with the previous local high. However, more critical news is that the price will not return to the area of $10000 any time soon after the breakthrough of the downwards resistance, which happens to be an indication of the start of a new bull-run.
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Comments

I believe Bitcoin is screwed. It may look bullish to many when one zooms out and takes a look at the big picture, but it can also be argued that a massive bear market is unfolding which will likely push Bitcoin under 3k at some point within the next two years. This market isn't what it used to be. The party ended when CME got involved back in 2018. It has never been the same since.
+6 Reply
@kardia, youre talking like a kid somebody screwed over. A crying baby demanding a black goat in this current 4 year cycle. CME is just a place to fucking trade, listen to yourself and how dumb u look. People at cmes are just traders like you and me how did cme kill bitcoin PHAHAH. Im sure bearmarket screwed many people over but finding excuses and blaming others when its ur own fault to get rekt is childish is what it is.
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kardia Gringo1nlx
@Gringo1nlx, your problem is you lack education and analytical skills needed to connect the dots to see what's really going on here.
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@kardia, Analytical skill HAHAHAH, whats your analystic skill, conspiracy theory? i bet you're the one who thinks earth is flat and we've never been to the moon too? There's nothing analytical about it. Stop lying to yourself because that's you being miserable. And I don't want to be offensive towards you with this, but I do wanna be offensive towards your idea. Do you listen to yourself? Do you listen how dumb you sound when you say it's CME's fault bitcoin is ''gonna go down'' (which i don't think it will in the first place but anyway). CME PROMISED its gonna bring institutional money in, cme lied to us, CME FUCKING DUMPED AND TAMED BITCOIN ever since its peak in 2017. Are u retarded listen to yourself. CME is a place to fcking trade bitcoin, nothing else. NOTHING ELSE, cme didnt bring money to sell bitcoins down lol, you could only sell already bought up bitcoins from the past or buy yourself new ones on CME just like any other fucking exchange in the world. Trading on cme didnt create new bitcoins that were later dumped upon people like you, they were bitcoins bought early in the bullmarket, which smart people (not crying kids) dumped upon retailers like yourself at 20k. Why? Because EVERYBODY EXPECTED MASSIVE movements after CME opening at 18th of december 2017, but the truth is, and remember every god damn donkey knows about this if he has been in crypto long enough, THAT BIG MONEY SELLS bitcoin on the day of event, and priorly pumps it to that exact date so idiots think its gonna blast to the jupiter, but its basically the end of the moonshot. Saying bitcoin was tamed by cme is childish, ignorant and stupid. WHICH MARKET have you seen in the whole fucking world, blast off to 20k, drop down 86% fucking percent, where literally called dead and then again blasting up another 350% in fucking 3 months and now dropping back down 50%. I mean WHICH MARKET HAVE YOU SEEN make 300% percent to the upside in single year and that's just normal? and you call that cme's fault? What world do you live in? what world do you fucking live in?
Reply
@kardia, REMEMBER EVERY PARABOLIC MOON PHASE ENDS UP WITH A CRASH OR ATLEAST BIGGER RETRACE, based on history at 85% percent pullback is nothing unusual and you're saying cme did that. Oh and who did 85% in the past bearmarkets? Was there other CME? you lack basic knowledge on bubbles and technical analysis if you can't get that and blame it on CME.
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yes sir .
+4 Reply
@SAS_AC, 7500ish is definitely the next key point going to be watching closely
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we are in up trend, i think from 8540 we can get a new increase hype. i dont believe we will go below 8450
+4 Reply
Leemah27 Protixder
@Protixder hopefully we don’t. I’d like to see 8700 in the next hour.
Reply
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