The RSI is clearly in the bull zone. And we appear to be essentially parabolic at this point. I believe all these ideas predicting pullbacks at every level up to 20k, are going to result in us squeezing straight through to a new high.
Fundamentally, bitcoin is win-win at the moment.
If coronavirus is cured and the markets propel forward on good economic recovery...
Looking at the big picture to extrapolate a time scale.
Combined with a standard wedge. Our bottoming out pattern should be falling out the bottom of the wedge, and then coming back into it convincingly. Thereafter, standard wedge targets using horizontal S/R.
I am using the next 1-2 months to accumulate.
Lot of FUD for an active project that always makes the...
We've got a classic falling wedge pattern on the long term weekly. We fell out the bottom briefly, and now we've powered back in, and are temporarily breaking out the top of it. Great!
But I don't think we'll go straight up, as that's too good to be true.
So I think the next step is either sideways, or back to a support level;
1. The falling wedge upper line....
We had volume defending the bottom of the wedge. But it's subsequently faded away. This has created a bit of a divergence on the stoch. And I just don't think we're quite ready to breakout on Monday 18th March.
I think we need one more week. To bust a few stops. But not quite go all the way down to the buy support at the 786 fib level (12-13 sats). Somewhere in...
Yesterdays breakout was a partial false flag, due to the USDT chart not breaking out at all, and just trading within the confines of it's big overall wedge. Similar to the BTC chart.
However, that's not to say we're not in the process of building a springboard for future action.
On the 14th, we should encounter both the Eye of Sauron & the 50 Fib level. We can...
Personally, I think we're good for a bounce on Monday 11th. As 18 is a beautiful level:
61 fib retracement
3 or 4 reversal dojis on the daily.
Horizontal support on the weekly sticks.
End of any numerous triangles / wedges.
But, if the market wants to go a bit slower and lower than we anticipate; how slow can this go?
Could be a small, quick stop busting...
Tron dipped down to 17sats. Then had a hell of a run up to 400 sats over 17days, followed by a 50fib level retrace to 200 sats. And then a final 4.6 fib extension run up to over 2000 sats. In absolutely no time at all!
If BTT is on a similar track, we might be as little as 2 days away from getting started. (The yellow...
We broke out of my triangle, and now just retesting the breakout, and conveniently, also the local support at 21sats.
If we don't bounce here, then 20sats is the next potential bottom (the original selling climax)
Failing that, we go all the way back to the 17/18 sats target that many have mentioned in other ideas.
But the Tron fork is today I believe? And...
- Top of the triangle would give us 35/36.
- ABCD conservative would be 45
- ABCD from the very beginning would be 50/51
- Repeating the move from the beginning til now @ 500%+ from the 20 sats new support level, would be 100.
- 100 is also the 2.618 fib extension.
Bare in mind, the circulating supply for BTT is currently at 89billion or so. Thereby...
If we don't hold the dotted white trend line. Then perhaps something like this.
RSI and Stoch have room to bottom out a bit yet.
Allows room for BTC to dip a bit (or even climb, as that screws alts temporarily)