This is crazy. Bitcoin went up +225 % since March 2020, and it is still showing bullish flags on all charts.
This fact itself is the only bearish argument I see: who would long an asset already up +200% ?
I always analyse assets multi-timeframe, starting with the highest.
On the monthly, I used a log chart because it shows percentage price change instead of fixed price distance for each price level.
This way can clearly see that Bitcoin has been following an ascending trendline in slashed white.
This is why it is not foolish to call a Bitcoin price of 30 000+ $ at the end of 2021, that is, of course, if the trendline remains unbroken.
On the weekly, back on regular chart, is where we can see the beginning of the rally in july until now, pushing the price up to +200% since march.
Now this allows a lot of space for downside action, but no bearish indicator is to be seen yet. The pace at which Bitcoin is climbing does not seem to slow down yet.
On the daily, I like to use a Double Donchian Channel to quickly see the current trend.
Here again, we are hitting new highs. Does this mean price will fall starting from here? We can't know yet.
In my personnal opinion, I believe price will go sideways during the december holidays, creating an horizontal channel, and begin moving strong again in january. We will then watch which side of the channel will break to decide on a direction after that.
On the 4 Hours, we are starting to see a reduction in the distance between each new highs. It is still too early to call for a double top or even a head & shoulders pattern. Right now the trend remains bullish.
I hope you like the idea. Any feedback is welcome. I'd like to see your ideas too.
This fact itself is the only bearish argument I see: who would long an asset already up +200% ?
I always analyse assets multi-timeframe, starting with the highest.
On the monthly, I used a log chart because it shows percentage price change instead of fixed price distance for each price level.
This way can clearly see that Bitcoin has been following an ascending trendline in slashed white.
This is why it is not foolish to call a Bitcoin price of 30 000+ $ at the end of 2021, that is, of course, if the trendline remains unbroken.
On the weekly, back on regular chart, is where we can see the beginning of the rally in july until now, pushing the price up to +200% since march.
Now this allows a lot of space for downside action, but no bearish indicator is to be seen yet. The pace at which Bitcoin is climbing does not seem to slow down yet.
On the daily, I like to use a Double Donchian Channel to quickly see the current trend.
Here again, we are hitting new highs. Does this mean price will fall starting from here? We can't know yet.
In my personnal opinion, I believe price will go sideways during the december holidays, creating an horizontal channel, and begin moving strong again in january. We will then watch which side of the channel will break to decide on a direction after that.
On the 4 Hours, we are starting to see a reduction in the distance between each new highs. It is still too early to call for a double top or even a head & shoulders pattern. Right now the trend remains bullish.
I hope you like the idea. Any feedback is welcome. I'd like to see your ideas too.
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