Let me just say.. it's possible, quite possible. I've been thinking about it a lot lately.
If bitcoin makes a sustained break above $14k, which I think is highly likely, then bitcoin less than $10k US fiat money dollars is probably a thing of the past.
But so will be the US dollar... lol!
I want to clarify some thoughts I have about COINBASE:BTCUSD and where it's headed long term.
It's important for me to assert that bitcoin is bullish in the long term. This is true because the longer term moving averages I use (45, 120, 195 Fibonacci sequence) are all in an uptrend on the daily chart. Additionally, the 45 and 120 moving averages are above the...
The correction is over, confirmed when price reached the $11,200 target.
Price is now pushing on the upper trend line of the bullish flag formation. A pullback is likely, following by a rally to new highs exceeding $14k.
COINBASE:BTCUSD appears to be in an A-B-C correction.
If so, this correction will bring prices below the $10k level before it's over.
Afterwards, the rally will most likely exceed the recent highs.
SPY has been rising on falling momentum. Price is forming an ending diagonal pattern.
Watch for a sharp selloff, most likely on Friday April 5.
A break below 280 will initiate further downside.
BTCUSDSHORTS remains elevated. As a contrarian indicator, this will provide the fuel for bitcoin to rally from current levels.
Additionally, on the daily chart, the moving averages are bunched, suggesting a breakout is near.
The $7400 level will be the real test. A sustained break above it would usher in further gains, and create bullish momentum that should last.
BTCUSD is forming a bullish flag formation.
Watch for a break of the upper descending trendline.
Upside potential after the break is $6600 to $6800.
Other cryptocurrencies like ETHUSD have been selling off hard.
My sense is that we are getting near a bottom for cryptocurrencies in general. Whether this is a longer-term bottom is not clear yet.
A rally is ...
BTCUSDSHORTS plots the number of outstanding BTCUSD short contracts.
Here is shown the comparison of these shorts to bitcoin.
As you can see, the number of short contracts, plotted in red, is reaching the upper levels.
BTCUSDSHORTS is a contrarian indicator. When the level is high after a bitcoin selloff, bitcoin is likely to rally.
BTC/USD has cleared $7200.
There's not much upside resistance until $8500.
I suspect bitcoin will power ahead to that level quickly.
The $8500 level will be the ultimate test. Should bitcoin break through $8500, then the correction is over and a new bull run will have commenced.
Bitcoin has been undergoing a slow and steady climb since the low on August 14, 2018. This has created a good base of support.
Now $7200 is within sight. This is a critical resistance level for BTC/USD. A sustained break above $7200 would completely change the longer term picture, and further gains would be quite likely.
The moving averages on the daily chart...
BTC/USD looks set to bounce from these levels, currently at $6300.
If bitcoin can rally and sustain a break above $7200, the outlook would become bullish.
If $5800 doesn't hold, then $5000 is likely the next stop.
A tough time for bitcoin bulls lately.
The most likely scenario is for a bounce off $5800, which eventually fails.
At that point, BTC/USD is likely to test $5000. It's likely support at $5000 will hold, after which a longer lasting rally can commence.
The drop to $5k shouldn't take longer than a month, maybe just 1 - 3 weeks from now.
My methods indicate a...
BTC/USD is valiantly defending the $7k level.
A sustained break above $7200 will dramatically change the picture, suggesting a possible trend reversal from the selloff that began 2017-12-17. Further action will be needed to confirm.
Should support at $6800 fail, then the bears will have asserted control, and BTC/USD will be headed for new lows, likely...
Bitcoin price this morning touched $7k. $7000 is the .618 Fibonacci level from the rally that began in mid July.
Bitcoin must hold this level for the recent rally to signify a change in trend.
Bitcoin is correcting the rally from the 7/12 low.
Support is at $7200. Resistance at $7700.
Bitcoin touched the 50% retracement level of the rally from 7/12 at $7280.
The .618 level is $7000, which will provide support if $7200 doesn't hold.
If bitcoin can get back into the bull flag channel, the outlook would be decidedly bullish.
A sustained break above $7800 would confirm bullish momentum.
$7400 is now providing support.
The inverse head-and-shoulders is morhping into a bull flag.
As long as price remains above $7600, this price action remains bullish.
The demise of b i t c o in has been greatly exaggerated.
