Let´s look at bigger time frame chart. On 1D BTCUSD i see possibly huge bull flag forming. Pole basement i see at 19,5k. Flag is usually long 30-50% of the pole size. In this case 50% is around 30-31k, exactly at the space where price is bouncing from for last couple days. So, it this support holds, and we will see pump and daily closes above upper flag line, we may see another BTC bull run. BTC already lost 33% from the ath value and i think that this scenario is possible. But for now it is just speculation to keep eyes on. But if this really happens, i think also BTC.D will grow, because many investors will run to BTC to catch this pump.
Thanks for sharing. I just spent a good deal of time figuring out the difference between a bull flag vs. descending triangle, because many traders are suggesting the descending triangle indicates a bearish downward trend. Now I know that a bull flag is a type of descending triangle, only instead of breaking out downward further, it's a reversal.
Long story short, I believe you're right. There's way too much support around 30k. And some people think that it's too volatile and hasn't held up for any meaningful amount of time, but I think that's because there's so much FOMO still, FOMO not just from people wanting to buy to catch the rest of the upside this year if the market cycle + halving theories hold true, but also FOMO from not wanting to sell too low. Cheers.
HuskyTrader9
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@Slowgenie, good point! flag can also have shape of descending channel which may be understood as trend reversal and sell signal. But, if there is pole, it ist clear bull flag, and descending flag is just neede break and preparation for another spike up.
Also agree with you that 30k is huuuuuge support and demand zone as we could have seen last days and also today. There has to be some really bad news or strong fud to push price not only temporarily under 30k.
Slowgenie
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@HuskyTrader9, I agree completely. And even if it did dip lower due to some crazy fud or more fake double-spend news, I think it stabilizes again just fine.
Whatever price it's at, I expect a huge jump either by this Summer, or at the latest, December. Not just because of past market cycles after halvings, but NO one is going to forget what happened last winter. That was a large part of the reason institutional money came in and, if even a percentage of those investors are the hold-until-retirement type, then I suspect that means some of them also have long-term, diamond hands. Nowhere to go but up if we go long! I think the S2F models are accurate!
Long story short, I believe you're right. There's way too much support around 30k. And some people think that it's too volatile and hasn't held up for any meaningful amount of time, but I think that's because there's so much FOMO still, FOMO not just from people wanting to buy to catch the rest of the upside this year if the market cycle + halving theories hold true, but also FOMO from not wanting to sell too low. Cheers.