roger_that

roger_that Updated 

Bitcoin is forming a continuation parallel channel, along with an ascending triangle. Even though things are a bit oversold (even on the Daily), the long/short ratio is leaning significantly short, which would lead to a short squeeze to push higher. With 30 - 32K being a resistance zone, it will be a decent area to at least take some profit, but as long as the...

roger_that

Reasons: BTC needs to cool off S&P trying to do a trendline backtest and still has room to go In general, the VA Point of Control acts like a magnet BTC perpetual contracts are overwhelmingly LONG, so a long squeeze is an easy enough trigger The BTC fear and greed index hasn't registered fear in over 6 weeks

roger_that Updated 

If it plays out in both price action and volume, these could be good long entries.

roger_that Updated 

I think we were already set for the rally of this year back in 2020, but the Covid Crash delayed it. As you can see, history appears to be repeating itself, but this time without a Covid Crash.

roger_that

Thoughts?

roger_that

The thin red line is the curve charted from $400 BTC from 2016. It fits all times BTC has corrected since then. Will this time be the same? I am not usually bearish on BTC long term, but we are at a crucial point for it to make a decision, two of which could mean entering a potentially long bearish cycle if it breaks/pierces the parabolic trend. Ways I think it...

roger_that

I am usually not very bearish on BTC, but the triangles appear to be falling lower each time. The bulls may just be out celebrating the Holidays.

roger_that

On the hourly, if the moving averages continue as drawn/projected, it could squeeze the current low-volume trading into a decision within a few hours. The fib lines guide the high-level resistance and support during the bull or bear break out. Just a thought.

roger_that Updated 

If the ascending triangle continues (if the bulls keep the support going), the projection is 19000, but during the projection, the breakout would need to break through the pink trend line. If it breaks the pink trend line and extends past the 19000 projection, this could be the bullish trend needed to reach the psychological 20k+ resistance. I think it can get...

roger_that

If this is a rising wedge, the next break out could be massive if it goes above the blue trend line. Probably to $9k-$9.5k

roger_that Updated 

It's about to break out if the pennant continues the squeeze.