BTC is still above its long term up trend and I expect BTC to come back to its logarithme curve.
Log Scale ON - Weekly timewrame
Log Scale ON: - Daily timeframe
Log Scale ON - Daily timeframe
Log Scale ON - Daily timeframe
Log Scale OFF - Daily timeframe
Log Scale ON - Weekly timewrame
Log Scale ON: - Daily timeframe
Log Scale ON - Daily timeframe
Log Scale ON - Daily timeframe
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Comment:
Comment:
Next target 5,850$
This is the chart of BTCUSD in 2014 at time similar than today
Here was the outcome
Now let's look at nowadays
Are you still 100% bullish now?
So, what are my thoughts on the short term right now? I honestly don't know.
I would not be surprised if we test the 9500$ level again but I am pretty sure that the bear market is not over.
Technical part:
- Volumes are very low
- We are still below the Ichimocu cloud
- The daily RSI is high
- When a bubble pops we live different stages including fear, capitulation are despair. I don't feel people despaired yet. There is still a bullish sentiment out there. Simply look at what happened when rumors of a possible ETF was published. Bitcoin took 40% in a few days. That does not look like people capitulated or are despaired.
News part:
- Another ETF Bitcoin got rejected by SEC for - and not only for - volatility of Bitcoin
- The outcome of the last US congress hearing was worst than the previous one. Maybe they start understanding that if Bitcoin is used as a mean of payment the power of the US Dollar and a big economy tool of the USA is at risk
Technology part : which makes me extremely bullish on the very long term
- Lightning network is extremely prommissing
- BIP174 opens the doors to the mass market
- A lot of other things very interesting