Confirmed! BTC closed above the forever downtrend! What now?
Hello everyone! I hope you're well. Before we start, I want to make a quick intro again, I've changed my username to CyberStocks. I'm trying to take my tradingview account more seriously because I plan on building a brand and online business in the near future. I would like to inform my viewers before starting and cause unnecessary confusion.
Alright now that's over with, let's start with a quick reminder, this chart has combined 6 of the world's largest exchanges together to get an average of the world volume and data.
This is a follow up to my previous article, last time I said we're very bullish if we close above the forever downtrend, and a bull run could potentially start. So let's fast forward 1 week later, and what do we have? An actual huge green candle that closed above the downtrend, that means we went from bearish to bullish. However, that doesn't mean the bull run starts now. It still needs time to consolidate, I'll talk more about that in my next article, with a much more in depth analysis.
Let's focus on what's happening now. Everything still looks good on the weekly, only thing that's changed is an open red candle on the weekly, this tells me that its simply a pullback from the massive pump last week. If you look on the RSI, we can clearly see that the volume pump vertically, and is now followed by a pullback. This is very normal, for every push there's always a pullback.
Our most recent correction was at 4922 USD (29,532 USD) with the candle just wicking the mini, weakish support line. This is considered a bullish sign if you're an Elliot waves guy (I'm happy to explain Elliot waves in another article, let me know what you think in the comments section) because it means that we have a truncated wave. For every push there's a pullback, what goes up must come down. In other words, If we're going up, the price needs to cool-down before it can go further up again.
There's a lot of drama and commotion about the market sentiment right now, people are saying things like "we're going to 4,200 USD." If you think 4,200 USD (25,200 USD) is bad wait until you see what the whales have installed for you, there's a much larger picture than what we see now, I'll explain the whale's secret plan in my next article.
Back to the 4,200 USD debate, we don't actually have solid evidence to make that claim, we'll have to leave it as pure speculation for now. However, it doesn't mean it can't happen, and that's the funny thing about these markets, you always have to consider every single possibility. A dump to 4,650 USD (27900 USD) is what dictates the direction of the price. There are certain things that must be required before making a viable predication, if it qualifies then it's believable. Just remember, price pumps or dumps in crypto markets must be severe enough to define whether something can turn bullish or bearish.
If you look on the 4 hour chart, I've spotted a heads and shoulders, and its still at play right now as we speak. Let's take a step back and have a detailed look. The chart is trying to tell us that the bulls seemed to correct before we hit the neckline, it looks like we might be creating a new higher high or what might be the right shoulder. The size and shape of our right shoulder will determine how much the price will retrace to.
I know this article was short, but I wanted to follow up with that recent pump that happened last week. I also wanted point out a few things to look for afterwards. Please stay tuned for my next article, I have some big, crazy, and interesting news to share.
Thank you everyone for your time, have a great weekend!
P.S. I've decided to accept donations. I'm trying to build a brand and business for my trading career. If you would like to donate, all funds would directly support my mission and vision. I still appreciate each and every one of you whether you choose to donate or not.
BTC Donations: 1AuZiofHSqM5gV1ttxUddNovDhEtHgMUgA
Alright now that's over with, let's start with a quick reminder, this chart has combined 6 of the world's largest exchanges together to get an average of the world volume and data.
This is a follow up to my previous article, last time I said we're very bullish if we close above the forever downtrend, and a bull run could potentially start. So let's fast forward 1 week later, and what do we have? An actual huge green candle that closed above the downtrend, that means we went from bearish to bullish. However, that doesn't mean the bull run starts now. It still needs time to consolidate, I'll talk more about that in my next article, with a much more in depth analysis.
Let's focus on what's happening now. Everything still looks good on the weekly, only thing that's changed is an open red candle on the weekly, this tells me that its simply a pullback from the massive pump last week. If you look on the RSI, we can clearly see that the volume pump vertically, and is now followed by a pullback. This is very normal, for every push there's always a pullback.
Our most recent correction was at 4922 USD (29,532 USD) with the candle just wicking the mini, weakish support line. This is considered a bullish sign if you're an Elliot waves guy (I'm happy to explain Elliot waves in another article, let me know what you think in the comments section) because it means that we have a truncated wave. For every push there's a pullback, what goes up must come down. In other words, If we're going up, the price needs to cool-down before it can go further up again.
There's a lot of drama and commotion about the market sentiment right now, people are saying things like "we're going to 4,200 USD." If you think 4,200 USD (25,200 USD) is bad wait until you see what the whales have installed for you, there's a much larger picture than what we see now, I'll explain the whale's secret plan in my next article.
Back to the 4,200 USD debate, we don't actually have solid evidence to make that claim, we'll have to leave it as pure speculation for now. However, it doesn't mean it can't happen, and that's the funny thing about these markets, you always have to consider every single possibility. A dump to 4,650 USD (27900 USD) is what dictates the direction of the price. There are certain things that must be required before making a viable predication, if it qualifies then it's believable. Just remember, price pumps or dumps in crypto markets must be severe enough to define whether something can turn bullish or bearish.
If you look on the 4 hour chart, I've spotted a heads and shoulders, and its still at play right now as we speak. Let's take a step back and have a detailed look. The chart is trying to tell us that the bulls seemed to correct before we hit the neckline, it looks like we might be creating a new higher high or what might be the right shoulder. The size and shape of our right shoulder will determine how much the price will retrace to.
I know this article was short, but I wanted to follow up with that recent pump that happened last week. I also wanted point out a few things to look for afterwards. Please stay tuned for my next article, I have some big, crazy, and interesting news to share.
Thank you everyone for your time, have a great weekend!
P.S. I've decided to accept donations. I'm trying to build a brand and business for my trading career. If you would like to donate, all funds would directly support my mission and vision. I still appreciate each and every one of you whether you choose to donate or not.
BTC Donations: 1AuZiofHSqM5gV1ttxUddNovDhEtHgMUgA
