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🔥BTC on Huobi still in the channel! 👀

HUOBI:BTCUSDT   Bitcoin / Tether USD
BTC is still in the channel towards the climb to 10k - will it breakdown or should it break up past the resistance?

TradingView shows a BTC buy on the analysis - do you agree?


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Comments

We're hitting the ceiling with insufficient buying pressure / unwillingness to absorb the huge supply at 10K. Everyone wants 10K + but someone has to lay down a LOT of money just to push the price up a couple of hundred dollars, with no guarantees whales won't dump en masse when 10.5K+ region hit. If we were to go sideways from our present price, we would hit the lower support line of the ascending channel in about 10 days (as per my chart). If we retrace lower, then obviously that time is reduced.

If we go back to the second halving, the ATH after the first halving was not re-established until 9 months after the second halving event. If we follow a similar trajectory, we could expect to see 20K ~Feb-March next year. Breaking 10K now, with a surge into 12-14K+ region would set us on a potential course for 20K within a few months. It's too soon; the great bull runs in the past did not follow catastrophic 50% crashes and FOMO rallies. Also note when we re-established previous ATH how organically the price moved to it, as opposed to a parabolic rally.

My thoughts going forward: this rally cools off and we move down to lower support (~6K), accumulate for a few months (low, slow and boring) and THEN we start a gradual ascent upwards. We will break resistance from ATH (which by that point will be under 10K), buying pressure will increase and supply zones at 10K will not be so congested. Still gives us PLENTY of time to begin a long term rally, revisit ATH and have one hell of a bull run in 2021.

But it's not now.
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HuobiGlobal callanfox
@callanfox, Interesting take
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I will follow it as well, this is my view
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HuobiGlobal transparent-fx
@transparent-fx, Thanks for sharing. If you can use Huobi: BTC USDT that would be great so that way its consistent on our channel.
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