New weekly write-up on the perspectives regarding Bitcoin.
Let's first start off with a small summary of what happened in the past week. Bias was pretty much bearish when we were hanging around at $4,200, which you can see in the past posts I've made. I was short on that position, however when we dropped down on the rising wedge and kept the channel in place,...
This is my honest opinion of the Bitcoin market. The points I tried to make here require a lot longer than 20 minutes to really discuss, but they boil down to two major arguments:
Bitcoin does not need a mining industry
Bitcoin does not have any significant consumption-based demand (true demand)
This is important because both of these fundamentals are...
Leverage = 5x
Bitcoin very big pumped, for now we need correction to $4100-4200 after that we have target is $4700 after that $3600-$3800.
Sell - $5144.56
Take Profit - $4242.00
Stop Loss - $6390.5
Take Profit = 17.69%
Stop Loss = 24.08%
My previous analysis:
An update on that post i did on 30 Jan, where i tried to show some objectivity on the current stage of the market. If you want to know more about it, read the previous analysis about this.
As you can see, i have drawn yellow circles on what i think were Bitcoin currently is. Just to give a picture of what could happen the coming period....
It's not any secret, that D4rkEnergY was the first to call a Bull Market. Already February 5th I did spot the accumulation-phase, and told you when we would escape the Trading Range.
On Twitter 2 weeks ago, when everyone was bearish, I told you, that we soon would enter a Bull Market.
Enough about how good...
Before continuing its growth BTC took a short pause for correction.
A good buying spot on a bulls market is always below the market price.
We recommend to take a closer look at a set of long positions from the levels indicated on the chart.
Best of luck!