Bitcoin is showing incredible strength of continuous bounces above or within the envelope on the monthly time frame. This is in essence, one of the most bullish signs on a monthly perspective, regardless of how many times we may dip below $10,000. We can assume that if we continue with our fractal for the 2015-2018 bull market cycle, we can assume that buyers will keep buying the dips, rather than shorting the top.
If we look at the chart, we can see that Bitcoin is trading above our envelope, which is an incredibly bullish sign on the longer time frame. From our previous 2015-2018 bull run, we have seen Bitcoin trade above the envelope and continue it's growth for a near 5,500%.
We still believe that it isn't too late for Bitcoin to grow in the 1000's of percentages from here on out due to the many months of buy backs from our dips the past year. We have also witnessed one of Bitcoin's worst crashes in history in a short amount of time, to only be bought back up by the market.
This in return is saying that we are not only technically bullish, but showing that the fundamentals for Bitcoin (a store of value) is only getting better.
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You do realize you're showing 6 months straight worth of rejections on a nearly 5 year bullish trend line, right?
The 'technical fakeout' you are showing for the Covid crash was the very first time in any recent history that Bitcoin broke below it with any kind of volume.
How in the absolute fug can you say that's bullish? HELLO!?
@teh_salesman, No bot! :) would love to see your analysis!
MC_Peewee
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@XForceGlobal, I haven't done an idea on Bitcoin since May of this year.
Just for you, I think I'll get around to doing one. Give me a few days to a week.
XForceGlobal
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@teh_salesman, Thanks! Looking forward to it buddy :) love your analysis so far, gave them a like.
MC_Peewee
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@XForceGlobal, I saw that. Thanks. Don't expect much.
MC_Peewee
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@XForceGlobal, cancel that. bitcoin can suck my dick
The 'technical fakeout' you are showing for the Covid crash was the very first time in any recent history that Bitcoin broke below it with any kind of volume.
How in the absolute fug can you say that's bullish? HELLO!?