RuCrypto2021

BTC/USDT Rookie View

Long
BITTREX:BTCUSD   Bitcoin / U.S. Dollar
Yo! If anyone sees this, bear in mind I am very novice still at reading charts.

So I collate information from many different sources and then test them, chart them out myself and see what I can come up with.

Youtubers I follow and take snippets from each are coin bureaux, crypto capital venture , Ivan on tech, altcoin daily, crypto banter, altcoin daily, bitboy lol, and crypto expert, some others I can't remember. I don't agree with all that they say and I know many are quite biased to some projects than others.

NEWS:

Bitcoin has seen very bullish temperament in the past 24hrs, a jump from $33k - $40k on the 26th July.

City A.M (Uk media) mentioned that Bezos would consider crypto payments and implement them into Amazon by end of year. So many reports are now showing that is or was not the case, and that Amazon has stringently and firmly said - it ain't happening this year and no Prime coin in 2022. So what?!?
This was the catalyst that brought BTC down, we saw a $1k drop within about 3 mins when outlets received word about this news, in the same hour as BTC hit $40k+.

Good things to look out for in the news, J Doresy wantes crypto as implemented in Twitter ...?... and something about Apple? Facebook? Elon accepting btc for tesla again? Xrp lawsuit 28th July what will transpire on this date? Ada smart contracts, Alonzo hard fork, Gougen complete end August/Sept time? How will they perform? Doesn't it sometimes feel like motions have already taken place and it's laid out for us, so the easiest thing would be to Hodl in this case lol, yet the fucked up things is it may be the worst thing to do!
Anyway that's it for the news, back to charts.

MY (BASIC) CHARTS:

I have drawn a line from the top $65k BTC to where we are at now, the peak of the candlestick as shown. Yeh, maybe it's the wrong place. However I am following this other guy who drew it and explained it better, His name is Martyboots on here, check him out! We are still not clear about a long-trend bull cycle. It seems we are still in a descending triangle , and under the 200-day moving average. For some reason, I may have pressed the wrong 200ma on this as my chart shows we broke over it already lol. I think it's pretty clear that we need to consolidate above resistance and keep making lower highs which in turn will break out of the descending triangle and also out of the 200ma. This perhaps could be a confirmation indicator that we are in a strong bull uptrend and things will start to get wild if so.

I agree that today will be a good test for bitcoin and market sentiment. We in crypto should not give a f**k if Amazon declines the report, it's funny because one day amazon will need bitcoin , and bitcoin won't need amazon.

CONCLUSION:

So on the BTC chart what I am looking for is consolidation above key levels, mainly the resistance areas and setting higher lows, breaking the descending triangle pattern and the 200ma line. If we hit this, I would be very confident seeing the crypto market on a phase 2 Bullrun, and maybe tapping out around 10% above ath $70-75k. I can do another amateur chart for this and explain why lol. If we don't hit this and go sidewards for a while it could become choppy as one said. Altcoins will again suffer, I think we need some bitcoin dominance above 55/60% again so it makes it proper run, then gradually chill out and let the alts kick in and have their time. With good things coming this year for good projects it would be sh!tty if BTC dragged the alts down again because btc loses momentum and volume dries out. Wouldn't like to see below a $1 trillion MC either. PS I've left out other indicators, I don't often use much else aside from RSI , MAC D and occasionally Bollinger bands myself, it would make the chart look more messy to ones eye.

Please leave comments and any advice or fixtures to help to broaden my understanding more of this.

Good day yal...

Ru

Comments

Looks good. Thank you for contributing to the site.
100 coins
+1 Reply
@AngusMcK, Appreciated, thank you
Reply