Bitcoin setting up for the next All Time High run
1) RSI of 14 period volume MA creating uptrend setup
2) Parallel Trend/Channel lines and support shows strength in that area and can be used as a stop loss
3) Consensus Conference, EOS main net launch and Tron main net launch
All factors for an uptrend to start and progress
2) Parallel Trend/Channel lines and support shows strength in that area and can be used as a stop loss
3) Consensus Conference, EOS main net launch and Tron main net launch
All factors for an uptrend to start and progress
2) The current Bitcoin bubble pop cycle has been 3x as fast as the 2014-2017 cycle given the way the price action has occurred in this downtrend. Bitcoin has bounced off of its long term green, dotted trend line but is showing short term weakness as the upside movement weakens and downtrend strength has not fully/clearly reversed.
In terms of the current and upcoming short term environment some of the major occurrence include The Consensus Conference, being held May 14-17 as well as EOS’s and TRON’s main net launchs in June. The conference, according to Fundstrat’s Tom Lee has historically led Bitcoin to a sizable price appreciation during and after the conference. This time he believes that it will push Bitcoin to new all time highs. The EOS and TRON main net launches are incredibly important given that that these two projects are among the top cryptocurrencies and considered among the upper most echelon of promising projects. This may lead to a situation similar to what occurred when Ethereum smart contracts were released, for altcoins. Given the timing of this is well timed with the conference will provide an uptrend for the rest of the cryptocurrencies, making the broad environment stronger as a whole.
Through the entire uptrend of 2017, including both long and short term periods, Bitcoin has historically followed what I call Parallel Trend Lines, or channels. Each trend line, including projected trend lines are always equally spaced apart. They may be created from trends that stemmed many years back, including its 2013/2014 bubble. They are shown in the downtrend as the bubble burst.
3) The price movement to look for will occur at the dotted green trend line roughly around May 25(which also contains a very strong support region) and the Parallel Trend line signaling the same time. The CI around this time will be roughly 3-4 weeks shorter than the shortest signal ever made. The all time shortest time period a CI signal will occur roughly on June 21. As presented earlier, the projected time for these occurrences will occur in late may through mid June. In that time period the price action must show a reversal and preferably the early stages of an uptrend.
4) In summary, the current CI setup, adjusted for a complete time period for a signal, in conjunction with the absolutely paramount environment conditions provide evidence for a trend in price action to begin in ~the late may through ~ June 21 with a new All Time High set to occur in the longer term time period during or following this period. The main factor that makes a case for the shortest CI signal ever made in the Consensus Conference. The price movement during those few days will be of great important and should be closely watched among shorter time periods.