Even Bears Need Weekends - BTC Bullish To $7200!!
If you 've been following my charts - you will have seen quite a few "buy" positions. Yesterday had an excellent "short" drop where I Identified the "head" of this pattern was being created. I thought worst case we may drop as low as $6000 as the head was being created for a short time - but we stayed above that mark.
If you look at the pink triangle on the chart you will see that it is following along nicely confirming my initial hypothesis of an inverse H&S playing out. If you bought at $6200 there is little chance of shorting back to that level - the rest of the pattern is all upwards and sideways - unless you are a pro and you have multiple trades you closing at different positions - keep your BTC until at least $7200.
Why do a lot of analysts think the price is going down?
Everyone is entitled to their own opinion and analysis. Many people are looking for "bias confirmation" - they look for a way to find evidence to support their position. You only have to be right once to gain some credibility and with 50/50 odds some people are eternally bullish or bearish. Some people are genuine and use their own set of indicators to gauge the market. If we look at the chart with unbiased eyes - there is a pattern playing out - a drop at this point would abandon our right shoulder pattern - this scenario really only makes sense if some whale decides to push the price down again.
How can we be sure is the price going up?
According to the pattern - we are going up to $7200 at which point we will need to re-evaluate. This is what my technical indicators tell me - and its exactly what appears to be happening. When you add the fact that the weekend crowd is coming - its hard to believe that BTC won't start testing the $7200 by the end of the weekend (if not break through it).
The sky's not falling - i've seen BTC go through this for years - eventually you get over that sinking feeling.
There is a shrinking window to be able to trade BTC regulation free and institution free. That money is on the sidelines right now - but once they start buying - they are going to try to out buy the whales - which will create a very profitable situation for individual stake holders. Yearly patterns seem to play out because we haven't had the billions of dollars sitting on the sidelines. If the institutions take out a few whales - we may start seeing more consistent trading and less emotion.
With a little over 17 million coins in existence and a cost of $8000 to produce them - we are looking at an "undervalued" asset. I don't think JP Morgan and others are starting trading desks to buy coins by the thousand - 6b with todays prices would get you a million coins - there is nowhere near enough volume to make that happen. The million dollar BTC scenario makes sense in some sort of money fight between institutions about control. As much as I advocate getting into and out of BTC - I also believe in the long term opportunity - once the big institutions come on board trying to short BTC will be like trying to short any traditional asset - now's the time to stack coins.
Hopefully my analysis will help you stack some more BTC! I publish these charts to help others make good trading decisions. Please LIKE or FOLLOW me to let me know these charts are helpful!
If you look at the pink triangle on the chart you will see that it is following along nicely confirming my initial hypothesis of an inverse H&S playing out. If you bought at $6200 there is little chance of shorting back to that level - the rest of the pattern is all upwards and sideways - unless you are a pro and you have multiple trades you closing at different positions - keep your BTC until at least $7200.
Why do a lot of analysts think the price is going down?
Everyone is entitled to their own opinion and analysis. Many people are looking for "bias confirmation" - they look for a way to find evidence to support their position. You only have to be right once to gain some credibility and with 50/50 odds some people are eternally bullish or bearish. Some people are genuine and use their own set of indicators to gauge the market. If we look at the chart with unbiased eyes - there is a pattern playing out - a drop at this point would abandon our right shoulder pattern - this scenario really only makes sense if some whale decides to push the price down again.
How can we be sure is the price going up?
According to the pattern - we are going up to $7200 at which point we will need to re-evaluate. This is what my technical indicators tell me - and its exactly what appears to be happening. When you add the fact that the weekend crowd is coming - its hard to believe that BTC won't start testing the $7200 by the end of the weekend (if not break through it).
The sky's not falling - i've seen BTC go through this for years - eventually you get over that sinking feeling.
There is a shrinking window to be able to trade BTC regulation free and institution free. That money is on the sidelines right now - but once they start buying - they are going to try to out buy the whales - which will create a very profitable situation for individual stake holders. Yearly patterns seem to play out because we haven't had the billions of dollars sitting on the sidelines. If the institutions take out a few whales - we may start seeing more consistent trading and less emotion.
With a little over 17 million coins in existence and a cost of $8000 to produce them - we are looking at an "undervalued" asset. I don't think JP Morgan and others are starting trading desks to buy coins by the thousand - 6b with todays prices would get you a million coins - there is nowhere near enough volume to make that happen. The million dollar BTC scenario makes sense in some sort of money fight between institutions about control. As much as I advocate getting into and out of BTC - I also believe in the long term opportunity - once the big institutions come on board trying to short BTC will be like trying to short any traditional asset - now's the time to stack coins.
Hopefully my analysis will help you stack some more BTC! I publish these charts to help others make good trading decisions. Please LIKE or FOLLOW me to let me know these charts are helpful!
Comment
Comment:
Comment:
Looks like we completed the head and are beginning on the right side of the shoulder.