TradingShot

BITCOIN Possibly the last confirmation before 50k

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a sub-reference that I've posted on my previous Bitcoin study, but I will go into slightly more detail today due to the popular demand I've been receiving with your messages.

This weekend BTC broke above the Lower Highs Zone but got rejected exactly at the top of the emerging Channel Up. The very same rejection took place during the last time that BTCUSD broke above a Lower Highs trend-line and that was in October 2020. As you see on the right chart, the price got rejected at the top of its Channel Up and then pulled back to the MA50 on the 4H time-frame (blue trend-line), seeking confirmation. The fact that this happened after the Lower Highs Zone broke (which meant that the bearish trend got invalidated), accumulated buyers quickly on the 4H MA50, and a new Bullish Sequence was initiated lasting until the next mini consolidation phase in late November-early December.

Right now Bitcoin is pulling back, following the Channel Up top rejection, towards the 4H MA50. Since the Lower Highs Zone broke, will the 4H MA50 or MA200 be enough to accumulate new buyers? Is so then this may be the last confirmation we need before the 50k test. What do you think?

Feel free to share your work and let me know in the comments section!

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Comments

this is great, thank you for the fresh insights!
200 coins
+8 Reply
TradingShot ProjectSyndicate
@ProjectSyndicate, Thanks for the donation PS.
Reply
I like fractals and comparisons, been following you for a while and I have to say you are very accurate with your ideas. Thanks a lot for the great work. I agree with you that BTC is gonna go up.
+11 Reply
TradingShot trocanitocrypto
@trocanitocrypto, Thank you! What a day that was huh? :)
+1 Reply
BTC / USD Main trend. Triangle Secondary trend reversal zone. more than + 350% from the entry point
+6 Reply
TradingShot SpartaBTC
@SpartaBTC, Long time no see Sparta! Thanks for sharing!
Reply
I like your idea. It looks very possible.
Unfortunately Bitcoin will be Bitcoin and might get in the way of the best ideas and views...
It is just a matter of time before we reach for $50k. Will it be now? Let's hope so :)

I find your "historical" comparisons very useful. Please keep posting them.
Thank you for another great analysis.
+6 Reply