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Bullish $BTC above green price line. Showing a breakout of the wedge pattern, I expect high moves to the upside following the path of $GOLD $SILVER. Long past $10,200/ USD due to increase in monetary of supply and eventual commodity price inflation .
This should be the breakout week in my humble opinion, but continue to watch for the move above $10,200
This should be the breakout week in my humble opinion, but continue to watch for the move above $10,200
Comments
I think institutional traders on CME hasn’t shown clear signs of bullishness yet for the coming months. So a major bull run is still not likely at this point. Even though I’m bullish for the long-term, do think a correction is needed for the short-term.
What do you think of the overview below?
I’m not a believer in Elliott wave theory, I think markets make patterns, but it has screwed over a couple bullish gold traders that I know very bad because they thought a correction was coming before the next wave.
Horizontal price levels are much more important.
Large gaps up represent large institutional buying, plus we are seeing a large increased interest in alt coins.
I gauge overall sentiment combined with macro factors that are bullish for the underlying asset. Given this, a break of 10,500 will likely bring the bullishness forward for more institutions, especially since bitcoin was just declared money by courts last week.
Too many bullish factors to ignore for breakout.