So, finally back home having some spare time to spend, but while I'm sitting next to the fireplace just relaxing and dreaming about the future of Bitcoin I remembered that people were waiting for my description on TradingView. And as I promised, here it comes :)
So you know I always like to see things in a different light. For now I did the same. With many of you, I also saw patterns emerge over the last month. Over the past two weeks we were all waiting for the pattern to be confirmed and it's still in the same (good) area as we expected :)
Let's start by talking about the . In my opinion it is time for the to go up again. After a very long time BTC looks to be bottoming on the chart. On the we're seeing a bottoming process from August until October (now). I took a look at the last time that the raised above the 70's. That was on May 22th just 50 days after the last 30's on . The period before rally's of happen is also really interesting to watch and to my surprise, the same bottoming structure we're seeing right-now happened also in February until mid April (2014).
The second phase was a period that the was going up slowly but the chart going down ( ). This turned the market in a way, that when the breakout happened the chart was going almost vertical. This slowly upping phase on the happened also from september the 18th until now while the chart was going down (bull divergence again). And guess what these patterns in the chart looks almost the same as the patterns of may 2014.
The time of the patterns to emerge are also almost the same. | drew an orange (very) strong resistance line in the chart. Were going to try to break this thing but it would be very tough. That's what we were seeing today. After a few days of going sideways we'll hope the pattern will break the orange resistance line. If this happens for 1,5 day the pattern will be confirmed. To be safe buy around 370.
If this pattern will be confirmed the target can be as high as 520 but for now there are lots of resistance lines we need to cross. To be safe lets sell @ around 470 and buy back in later when we've watched how the chart and BTC are doing.
I hope this might help you!
Don't forget this: Never let your human intuition or emotional feelings be a part of you trading decisions, but it's always good to keep dreaming while sitting at the fireplace! :)
Have a great day guys!
I didn't expect BTC to raise as fast as it did (in only one day).... The FOMO broke loose what enhanced the effect.
Unfortunately I can say from experience that after a huge oversold periode in such a short time there needs to be a huge setback...
This setback is what were seeing now, BTC needs to take a new breath before going up again. Keep an eye on the RSI :) I heave no doubts that we are going back up again.
For now we need to take some rest between 380 and 420.
When BTC is has rest enough I'll inform you guys with a new chart!
Good day and keep dreaming :)