Let’s keep things simple. We are going to the moon! You will hear worshipers claiming that Bitcoin is about to embark on its last leg down to hell’s deepest pit and they could be right! Just don’t expect to find any “hydra” pointers in my chart (i.e. sideway, down, v-shape, s-shape, x-shape, potato shape etc.). There will only be one pointer In my chart and it’s pointing NORTH! Well If I am wrong, so be it. I am man enough to own my mistakes and I don’t hide my poor analytic skills behind endless possibilities. Enough said, let’s get on with the forecast.
So what’s new?
1. Price broke out above the green at $6300 and manages to stay above it.
2. I have recounted the TTL attempts as there were miscounts on the Purple and Tangerine . (TTL or Third Time Lucky is an unorthodox trading technique of mine which is still on “testnet” - yeah, I like the sound of that).
3. I have added percentages of breakout to key areas so you know where price is most likely to trend.
4. If it’s bull season, then it’s time to hunt for trades! I have added 3 trade exits ( VST , ST and MT) to my chart so you can exit from any of these key areas if need be. They are marked with grey dotted lines in my chart.
( VST: Very Short Term / ST: Short Term / MT: Medium Term )
Remember my motto:
The trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView.
Don't forget to hit the LIKE and FOLLOW buttons on your way out.
Best of luck and trade safe, my friends!
SOME OF MY PREVIOUS CHARTS
While others struggled to find bearing in the untamed sea of Bitcoin , followers of the chart already knew what was coming and where to buy the dip. Congrats, my friends!
An anticipation of the that we are now embarking on. We are still on course to 10k but my latest chart has the most accurate checkpoints.
DISCLAIMER: I don’t have investments in Bitcoin . Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. My trade recommendations and analysis are written based on my sole unprofessional opinions. I take no responsibility for any loss incurred in all your investments.
Houston, standby for liftoff! Get ready for VST #1
I would like to thank the 498 people who are following me on TradingView. Here is something I want you guys to be clear about me.
I am a full time trader and I make an honest living doing what I love most - trading. I don't have a website or Telegram group where I charge people for trading calls. I don't host trading classes or seminars so I am not here to fish for students.
I am currently not tied to any investment firm or publishing company. I was offered a free Premium account by TradingView to make charts but I turned them down because I don't like to be bound by their rules. I could easily afford one myself but don't need it to make a good chart.
Like Barry Silbert once said, "I've learned that there is literally no upside to providing investing tips to anybody. If they lose money, sucks for the relationship. If they make money, you maybe get a few karma points (but usually no steak dinner)."
He is right. I have no ulterior motive and absolutely nothing to gain by being here and you don't even have to thank me for what I do on TV or if my charts help you profit. A simple LIKE and FOLLOW would be sufficed to show your gratitude.
If you guys are on Twitter, follow me there and get notified whenever I post a new chart or update: https://twitter.com/BibBoyne
Take care and happy trading, my friends!
Good day, my friends! There are over 500 followers today! Thank you for your support! Let's get on to the forecast.
Bitcoin is on the right track so there is not much to update. One more leg up and we will hit our VST #1 target, which will happen very soon. FYI, you will only need this one chart for the entire Bitcoin rally to 10k so make sure you bookmark it.
Happy trading! :)
Remember what I explained before, every target on this chart represent a major resistance level (psychological barrier) where price may experience a significant pullback before reaching higher. Good traders always take profit on different levels in a winning trade to guarantee their gains.
One year later, after a bumpy ride, btc had lost almost 90% of its peak value and was back at $150.
For educational purposes, looking at the bear market of 2015, were there any TA insights where the bottom would be? Compared to today where the bottom could be? I know big question, but had to ask! :)
How do you define a bottom?
A bottom is when (i) price found buyers and (ii) sellers exhausted their selling inventory. New or smart money comes in and buys everything on the table. Pretty much what just happened at the Demand Zone.
What triggers capitulation?
Capitulation is triggered when people loses faith in bitcoin, stops buying it and sell off everything they have got. This is what happened back in 2014 with the MT Gox crash.
So any chance of capitulation happening this time around? Unless Tether collapsed or we have some other equally devastating catalyst, I don't see it happening. Those who scream capitulation obviously don't know how the market works.