No More Doomsday Predictions - BTC Looking Bullish(ish)
Yesterday we had very little indication of what was going to happen next with BTC from a short term technical perspective. We had a little sideways movement – then a run up to the 6900 area – before a bounce back down.
On the chart you will see a light blue line indicating a double bottom. The pink line on top indicates a reversal. The yellow triangle is where we are going (to 7200). The red line at the bottom is the bear line – if we drop below this line – we are going bear again for a while so you might want to cash in your coins and buy lower (unlikely).
BTC is going up - at least until 7200. Once we start getting close to that number we will have to evaluate what is going to happen next. Many of us have “long” forecasts that put BTC in the 10k-25k range this year. A number of news outlets published a story the other day saying BTC is worth at least 8k because thats about how much it cost to make each one – whether or not that is true – miners continue to mine for future consideration. Future considerations do no pay present bills and there are too many people with too much money involved to allow the network to fall apart. There are many external reasons why BTC should increase in value.
The run up to 7200 will not be from the institutional money that everyone is holding their breath for, it will come from retail investors – or a whale trade or two.
The best move if your not in BTC yet would be to buy yourself some and wait for 7200 before you re-evaluate your position. Theses peaks and valleys are not unusual for BTC – I remember when I sold at $1000 before we dropped back down to $500 years ago – BTC has put on a lot more weight but it continues to behave in its own special way.
**I am a full-time trader – these charts are my personal opinion based on the trades I make with my own capital.**
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Happy Trading!
On the chart you will see a light blue line indicating a double bottom. The pink line on top indicates a reversal. The yellow triangle is where we are going (to 7200). The red line at the bottom is the bear line – if we drop below this line – we are going bear again for a while so you might want to cash in your coins and buy lower (unlikely).
BTC is going up - at least until 7200. Once we start getting close to that number we will have to evaluate what is going to happen next. Many of us have “long” forecasts that put BTC in the 10k-25k range this year. A number of news outlets published a story the other day saying BTC is worth at least 8k because thats about how much it cost to make each one – whether or not that is true – miners continue to mine for future consideration. Future considerations do no pay present bills and there are too many people with too much money involved to allow the network to fall apart. There are many external reasons why BTC should increase in value.
The run up to 7200 will not be from the institutional money that everyone is holding their breath for, it will come from retail investors – or a whale trade or two.
The best move if your not in BTC yet would be to buy yourself some and wait for 7200 before you re-evaluate your position. Theses peaks and valleys are not unusual for BTC – I remember when I sold at $1000 before we dropped back down to $500 years ago – BTC has put on a lot more weight but it continues to behave in its own special way.
**I am a full-time trader – these charts are my personal opinion based on the trades I make with my own capital.**
If you think this is quality content please LIKE and FOLLOW
Happy Trading!
Lets see where evening trading finds us..