Hi friends! Welcome to this update analysis on Bitcoin! Let's jump right in! looking at the daily chart, we can see that Bitcoin has printed a powerful hold on the top of the downtrend channel (in blue) that I posted about on May 20th. When you zoom in, and look closely at how the recent low held the top of that channel, it's really a thing of beauty. Not a single candle closed below it, despite several tests. That caused me to buy back into a healthy long position in BTC. Essentially, BTC has now printed an upside breakout from the downtrend channel, and a confirmed the breakout by holding it as support. Unfortunately, the hold wasn't printed on high volume, but it is a hold nonetheless. So, from my perspective, I saw the hold as a perfect opportunity to get long. I originally had my stop just below the top of the channel, but I have now raised it to a higher level.
So, if Bitcoin is going to push higher again, I think we could see a massive rally to the 13,500 level. The reason is simple. If you want to find a price target from a channel breakout, you typically take a measurement of the width of the channel, and add it to a bullish breakout or subtract it from a bearish one. In this case, adding the width of the channel to the breakout point puts the target up around 13,800. However, I think the real target could be just below that, around 13,500, which is the 61.8% retrace for the entire bear market. It's interesting how the channel target lines up almost perfectly with the 618.
With that said, the pattern that BTC is forming looks somewhat like a head and shoulders in development. So, we have to keep an eye on that. If BTC rolls over here, and falls back inside of the downtrend channel, then the outlook would be very negative. However, that is not currently the case. BTC remains in a strong uptrend. We can see that it is consistently making higher highs and higher lows, it has held the top of the downtrend channel, it's holding above the EMA ribbon, and the indicators are beginning to look increasingly bullish. For instance, we can see that the MACD is about to print a bullish crossover here on the daily chart. Also, the ADX and DI (shout out to Crypto Crew University) has crossed over bullish, but we need to see the signal line turn higher to indicate an increase in momentum.
Don't get too drunk on euphoria though. Things aren't all unicorns and rainbows in Bitcoin land. The NVT (ooooooh that gloriously devilish NVT) has been building, and building, and building the largest sell signal known to crypto. Actually, on the 8th, the NVT briefly flashed the sell signal, by falling out of the red zone, but then retreated from it the very next day. You can see that in the small black dip that the NVT had below the red shaded region. That price action is similar to what we saw in the NVT during the buildup to the fall from 6,000. So, for now, BTC is keeping the NVT on ice.
Currently price is beginning to test the recent highs around 8700-9100. So, if we can breakout above 9100 I think will see a massive explosion, potentially up toward 13,500. I know there are several resistance levels on the way up, but that's the target for a confirmed downtrend channel breakout, and it lines up almost perfectly wit the 618. So, for me, the line in the sand is the top of the downtrend channel. Above it, I am bullish. Below it, I'm bearish. It's as simple as that.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
What a load of CROCK......
This is what you said 2 weeks ago :
"Allow me to be one of the only analysts to inform you that Bitcoin is in a bear market rally. It held the top of the channel that I showed in my last analysis and rallied higher. However, I'm becoming increasingly convinced that the bear market is not over, and that this is a bear market rally. It's hard to know for sure though, because there really is a lot of evidence to the contrary. However, I think as soon as we roll over, it's going to be very violent. In fact, I think it could be so violent, that we test or surpass the December low. I know a lot of people will disagree, and they're all entitled to their opinions, but that's my view."
So, it's a Bear Market Rally, which means that you should be out of the market because it "Could roll
over at any minute". That is the impression you gave. "We'll test the December lows" you said. Taking
those comments in mind, people would be out of the market, according to your analysis.
NOW, you're super bullish to 13,000 !!!!! Maybe ??????? Could ??????? Maybe Not ???????
What a load of Crock. You have no clue what is going to happen. Neither does anyone else.
STPAUL007
⋅
@Martens58, This account has been sold , so why are you surprised ?
carltonzone
⋅
@KIRYLKAZLOU, How do you know this? Are you saying that Magic Poop Cannon is not the person behind the current post, that he SOLD the identity? Would this even be allowed on TradingView? I really don't think so. If this really happened, it would be fraud. To go from the extreme of his previous post to this current post, but because he "sold" the account, both buyer and seller would be crooks in my opinion. Please post evidence, I'm very curious. Thanks!
@Martens58, My same reaction when I read this. Utter nonsense, and a complete 180 from the last post. Makes absolutely no sense, and I agree with you. There isn't a person on the planet who knows for sure what happens next. All of the so-called expert prognosticators have been flip-flopping for weeks changing their bullish-bearish standpoints constantly. Just like this. And not a one of them has been 100% correct. I have yet to find one.
pacman7331
⋅
@Martens58, If you notice most professional traders do not ever 100% say it's going one direction or the other. What they do is make a strong prediction, and when they are wrong, they emphasize they had a possibility of the alternate scenario as well unfolding. Then they emphasize that alternate scenario in the following analysis, and tell you, they were not guaranteeing anything, and that as a professional trader you always have to change your mind, yadda yadda. Nothing professional about it but thats what they all do.
pacman7331
⋅
@pacman7331, If he doesn't get his 13.5k then the next one he does will emphasize this line in his next prediction: "With that said, the pattern that BTC is forming looks somewhat like a head and shoulders in development. So, we have to keep an eye on that. If BTC rolls over here, and falls back inside of the downtrend channel , then the outlook would be very negative."
This is what you said 2 weeks ago :
"Allow me to be one of the only analysts to inform you that Bitcoin is in a bear market rally. It held the top of the channel that I showed in my last analysis and rallied higher. However, I'm becoming increasingly convinced that the bear market is not over, and that this is a bear market rally. It's hard to know for sure though, because there really is a lot of evidence to the contrary. However, I think as soon as we roll over, it's going to be very violent. In fact, I think it could be so violent, that we test or surpass the December low. I know a lot of people will disagree, and they're all entitled to their opinions, but that's my view."
So, it's a Bear Market Rally, which means that you should be out of the market because it "Could roll
over at any minute". That is the impression you gave. "We'll test the December lows" you said. Taking
those comments in mind, people would be out of the market, according to your analysis.
NOW, you're super bullish to 13,000 !!!!! Maybe ??????? Could ??????? Maybe Not ???????
What a load of Crock. You have no clue what is going to happen. Neither does anyone else.