Hi Guys!
So lets take a look at the Daily chart here.
Looks like Shit, I know - BUT There is a positive takeaway.
If we look back at the charts over the course of the past 365 days we see a trend that has repeated itself , quite expectedly on 4 other occasions. So the question is:
DOES HISTORY REPEAT ITSELF?
The LOWER Yellow line is a support line from which BTC has bounced. So how do we know the bottom is in?
1. Bitcoin has defended VERY well at 5900+
2. Each time BTC has touched the BOTTOM of the BOLLINGER BAND (yellow arrow) AND that touch has correlated with an OVERSOLD STOCH (yellow circle) we have bounced
back to an uptrend.
This FACT has held true since Jan and I see no reason for it to NOT continue.
WHERE DO I SEE THE BOTTOM?
$6080-$6120
WHAT HAPPENS NEXT?
Well I fell 90% confident we will bounce off this bottom in the next 48 hours and head back to $7k. BUT we need volume!!!!
Now comes the interesting part. IF we break $5900, we will go to $5K and the likelihood of a further retract picks up exponentially. However I do not see that happening...
WHY?
Lots of reasons.
1. I see Bitcoin as being in a downward Elliot Wave and this squeeze should pop to the upside. Why????....
2. Bitcoin has almost ALWSY supported its price at or above the price to mine 1 BTC (Currently $5800-ish)
3. BAAKT is kicking off on Oct/Nov and they will have a daily settled ETF. This may not have an immediate impact ton the price but it will open the floodgates of trust for institution investors and the SEC should be able to use the BAKKT ETF as a beta-test that they do not have to be accountable (directly) for.
4. Did we see the NEW SEC Commissioner? Hes bullish on Crpyto. That makes 2 of 5 and likely the extra push we need to get ETFS approved.
5. Unplug from the Matrix and look around. Bitcoin is becoming MUCH more widely known and accepted as a part of life (Hell Walmart is selling BTC Coin candy) and while I am under no illusion that that will change the price of the asset, it does speak to the fact that more exposure, means more adoption and more (slow to enter) money.
6. There is a tremendous amount of Financial institutions that are exploring,. launching or working on a blockchain enterprise solution. This will further spread the value behind blockchain and , thereby the Godfather of them all Bitcoin.
7. We are seeing a massive exit of get rich quick money and now slow-n-stead accumulation is happening.
8. Ok, this was longer than 1 minute. and YES I am bullish on BTC so my charting may be biased. This is not financial advice, just sharing my thoughts.
If you like it, please give a thumbs up and leave a comment!
Love to hear what my fellow Cryptowarriors have to say!
So lets take a look at the Daily chart here.
Looks like Shit, I know - BUT There is a positive takeaway.
If we look back at the charts over the course of the past 365 days we see a trend that has repeated itself , quite expectedly on 4 other occasions. So the question is:
DOES HISTORY REPEAT ITSELF?
The LOWER Yellow line is a support line from which BTC has bounced. So how do we know the bottom is in?
1. Bitcoin has defended VERY well at 5900+
2. Each time BTC has touched the BOTTOM of the BOLLINGER BAND (yellow arrow) AND that touch has correlated with an OVERSOLD STOCH (yellow circle) we have bounced
back to an uptrend.
This FACT has held true since Jan and I see no reason for it to NOT continue.
WHERE DO I SEE THE BOTTOM?
$6080-$6120
WHAT HAPPENS NEXT?
Well I fell 90% confident we will bounce off this bottom in the next 48 hours and head back to $7k. BUT we need volume!!!!
Now comes the interesting part. IF we break $5900, we will go to $5K and the likelihood of a further retract picks up exponentially. However I do not see that happening...
WHY?
Lots of reasons.
1. I see Bitcoin as being in a downward Elliot Wave and this squeeze should pop to the upside. Why????....
2. Bitcoin has almost ALWSY supported its price at or above the price to mine 1 BTC (Currently $5800-ish)
3. BAAKT is kicking off on Oct/Nov and they will have a daily settled ETF. This may not have an immediate impact ton the price but it will open the floodgates of trust for institution investors and the SEC should be able to use the BAKKT ETF as a beta-test that they do not have to be accountable (directly) for.
4. Did we see the NEW SEC Commissioner? Hes bullish on Crpyto. That makes 2 of 5 and likely the extra push we need to get ETFS approved.
5. Unplug from the Matrix and look around. Bitcoin is becoming MUCH more widely known and accepted as a part of life (Hell Walmart is selling BTC Coin candy) and while I am under no illusion that that will change the price of the asset, it does speak to the fact that more exposure, means more adoption and more (slow to enter) money.
6. There is a tremendous amount of Financial institutions that are exploring,. launching or working on a blockchain enterprise solution. This will further spread the value behind blockchain and , thereby the Godfather of them all Bitcoin.
7. We are seeing a massive exit of get rich quick money and now slow-n-stead accumulation is happening.
8. Ok, this was longer than 1 minute. and YES I am bullish on BTC so my charting may be biased. This is not financial advice, just sharing my thoughts.
If you like it, please give a thumbs up and leave a comment!
Love to hear what my fellow Cryptowarriors have to say!
Comment:
Well it looks like our call at $6100 was on point as Bitcoin bounced up over $350 today. Lets hope the volatility evens off and its rocket time!
Comment:
Hi guys -
Just a quick update. As we see Bitcoin has been defending our Price point of 6100-6250 and is consolidating nicely on the daily chart. Also the Stoch is very oversold and is making a bullish cross.
I expect a break to the topside of the trending channel within the next 5 days.
Now IF we hit the top of the channel and close above $7094 we should move to a full on BullMarket. And I see this happening for several reasons, namely we are so close to an ETF decision so , at worse, the price should be propped up by the speculation and cause an upwards bounce. Secondly, there is just WAY to much positive news in the BTC community coming out each day.
We have a small chance of breaking below 6k and if this happens I see a retracement to 4500 possible, however not very probably IMO.
This is not a swing trade spot, WAY to dangerous. Id rather sit on the sidelines and pick up some BTC at 7200 once the Bull trend is validated. Much more upside room then endeavoring to short this nuts market.
So lets keep an eye on the charts and see if we make the break in 5 days!
HODL my Cyprtowarriors, HODL.
Just a quick update. As we see Bitcoin has been defending our Price point of 6100-6250 and is consolidating nicely on the daily chart. Also the Stoch is very oversold and is making a bullish cross.
I expect a break to the topside of the trending channel within the next 5 days.
Now IF we hit the top of the channel and close above $7094 we should move to a full on BullMarket. And I see this happening for several reasons, namely we are so close to an ETF decision so , at worse, the price should be propped up by the speculation and cause an upwards bounce. Secondly, there is just WAY to much positive news in the BTC community coming out each day.
We have a small chance of breaking below 6k and if this happens I see a retracement to 4500 possible, however not very probably IMO.
This is not a swing trade spot, WAY to dangerous. Id rather sit on the sidelines and pick up some BTC at 7200 once the Bull trend is validated. Much more upside room then endeavoring to short this nuts market.
So lets keep an eye on the charts and see if we make the break in 5 days!
HODL my Cyprtowarriors, HODL.
