Hello Traders!
New Week Monday
Today’s chart will be a bit different, we will have a look at the longer term projection of BTC, remember this is pure speculation, no certainty…
Points to consider,
- Parabolic rise that retraced and held support
- RSI held above 60 in the bull market
- Stochastics traded above 70 in the bull market
- EMA’s held price as support
- Bull volume noticeably increased
There are striking similarities between the previous bull market and the one that we are inevitable heading into right now.
Price had a blow off top and established a support base (green zone) before the EMA’s came into play. The EMA’s supported price as it traded back towards the ATH, here volume picked up drastically, Bitcoin went on and completed its next parabolic rise…
Bitcoin right now has come out of its support base (green zone) and the EMA’s, similarly, is supporting price as BTC makes its way back to its ATH ($20,000).
We need to see the RSI enter back into the orange box, where it traded last bull market, same goes with the Stochastics. Volume also needs to pick up as we approach and retest the ATH again.
It will be interesting to see how long it takes BTC to break its ATH; previously it took 455 days from support base. Using this Metrix, we can assume that the ATH will be broken some time mid-2020.
Again this is pure speculation; anything is possible as there is no certainty in the markets, especially Bitcoin!
What are your thoughts on the longer term aspect of Bitcoin?
Please leave a like and comment
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
New Week Monday
Today’s chart will be a bit different, we will have a look at the longer term projection of BTC, remember this is pure speculation, no certainty…
Points to consider,
- Parabolic rise that retraced and held support
- RSI held above 60 in the bull market
- Stochastics traded above 70 in the bull market
- EMA’s held price as support
- Bull volume noticeably increased
There are striking similarities between the previous bull market and the one that we are inevitable heading into right now.
Price had a blow off top and established a support base (green zone) before the EMA’s came into play. The EMA’s supported price as it traded back towards the ATH, here volume picked up drastically, Bitcoin went on and completed its next parabolic rise…
Bitcoin right now has come out of its support base (green zone) and the EMA’s, similarly, is supporting price as BTC makes its way back to its ATH ($20,000).
We need to see the RSI enter back into the orange box, where it traded last bull market, same goes with the Stochastics. Volume also needs to pick up as we approach and retest the ATH again.
It will be interesting to see how long it takes BTC to break its ATH; previously it took 455 days from support base. Using this Metrix, we can assume that the ATH will be broken some time mid-2020.
Again this is pure speculation; anything is possible as there is no certainty in the markets, especially Bitcoin!
What are your thoughts on the longer term aspect of Bitcoin?
Please leave a like and comment
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
