Warning: This analysis may completely transform you into a super bull!
Interest rates are rising, which is bad for the stock market, but is it also bad for Bitcoin? Maybe not at all. On the other side, inflation is pretty high and the money printer is running, which is good for Bitcoin.
We have a huge falling wedge pattern on the weekly chart that is very close to a massive breakout! The upper sloping trendline is very important and can indicate the end of this bear market.
As you can see, the price is currently below the 200 weekly moving average. This particular MA is considered a strong support/resistance by huge institutions and hedge funds, but they do not see it as a level, but rather as a zone. So even if we are a little bit below the MA, it's still holding. We need to break below the previous swing low to confirm the breakout of the MA. What's more, if you take a look at the TOTAL crypto market cap chart, 200MA is above the current price, which can be a more reliable indicator.
If we take a look at the oscillators, the RSI indicator is printing a bullish divergence, which is a strong reversal signal, especially on the weekly chart. Also, the MACD indicator has a bullish tick on the histogram + bullish divergence between the swing lows as well.
We have history's highest volume, so a lot of bitcoin changes owners, which can be interpreted as a bullish signal. It's really a record volume on the Binance exchange, which is currently the biggest crypto exchange.
As per my Elliott Wave analysis, an ABC correction has been completed successfully and we can definitely start a new impulse wave to new all-time highs in the immediate short term!
On Tradeview, I post potential scenarios. Today I can post a bullish analysis and tomorrow a bearish analysis. It's up to you how you decide to trade. Usually, I do not publish trading setups publicly, only privately. I can only give you all the reasons to buy or sell a specific asset here on TradingView.
I expect tremendous gains for selected altcoins (QNT, BEL, STPT). You can find them in the related section down below.
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Comment
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October and November are very bullish months! We made it through September.
So 2 days ago you post that bitcoin is going down to 12k and today bitcoin is starting a new bullrun to 300k ! so basically its heading anywhere between 12k and 300k? LOL , thanks for the expert analysis
@Tolberti, Can we get 20 likes on yaki-kadafi's comment?
Goldenbreakout
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@Tolberti, Nice update again What do you think about REN?
Tolberti
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@Goldenbreakout, We need to break 0.25 USDt, then it will be very bullish.
o978077000
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@yaki-kadafi Check out all his previous posts It is constantly contradictory and bullshit.
Like I said before, he doesn't even know how to count Eliot waves.
I clicked report this account to clean up the tradingview community!
o978077000
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2 days ago he analyzed btc about 12k5, today he analyzed btc can go to 300k from current price. It's so brain-damaging with such extremely contradictory and shoddy ideas like this. The advice information is not helpful at all! I don't understand why he is still getting so many likes and comments and tradingview's Mod team is still reviewing his post.
Tolberti
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@o978077000, This is not a financial advise, please contact your financial advisor.
MynameisTeo
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@o978077000, You get 11 likes? I think your to new in trading or in EW theory. With EW it's like you have a map on the market, and you have invalidation / validation price to play the market. For this you need to have multiple scenarios and can be in bouth direction. Look at this, but DYOR: AND now ,how the market looks it's very possible to be an interior ending diagonal for wave 5...