BTC - not gaining strength?
Updated
This is a long-term overview: Bitcoin is not gaining strength on the upward moves and it is slowly running out of time for a mid-January 2020 PEAK and it keeps inching closer to a BOTTOM in mid-January 2020 which is reinforced by an upcoming strong DECLINE this August 21st and a subsequent move higher the week of August 26th. The next strongest weekly target is September 9th confirming a choppy period ahead.
On the larger macro view BTC is CONFIRMED in a massive bull run breakout. Choppy period for the next 6 months: declines into September, opposite trend thereafter into October, a main cycle event in December with the strongest monthly target being January 2020 for a final possible PEAK or BOTTOM into the new 8.6 Year Wave Cycle.
If you are a HODLER then you got nothing to fear, just don’t freak out and do not sell the bottom, on the contrary, BUY the dips (August 21st probable decent time to BUY).
If you’re an active trader like myself, you might want to SELL this August 20th at night time before August 21st arrives or whenever there’s a move higher before then.
If we analyze the historical Weekly 21-EMA you will see that only once back in 2013 BTC closed a candle BELOW during a bull market and it barely missed to touch the 50-EMA so it’s fair to say it could retest this current support.
Based on a CLOSING price:
Daily Bearish levels --> close a daily candle below $9949, $9878, $9373, $9280, $9211.
Daily Bullish levels --> close a daily candle above $12048, $12098, $12140, $13194, $13345
Weekly Bearish levels --> close a weekly candle below $9614, $9049, $7468, $7432, $5562
Weekly Bullish levels --> close a weekly candle above $13850.
On the larger macro view BTC is CONFIRMED in a massive bull run breakout. Choppy period for the next 6 months: declines into September, opposite trend thereafter into October, a main cycle event in December with the strongest monthly target being January 2020 for a final possible PEAK or BOTTOM into the new 8.6 Year Wave Cycle.
If you are a HODLER then you got nothing to fear, just don’t freak out and do not sell the bottom, on the contrary, BUY the dips (August 21st probable decent time to BUY).
If you’re an active trader like myself, you might want to SELL this August 20th at night time before August 21st arrives or whenever there’s a move higher before then.
If we analyze the historical Weekly 21-EMA you will see that only once back in 2013 BTC closed a candle BELOW during a bull market and it barely missed to touch the 50-EMA so it’s fair to say it could retest this current support.
Based on a CLOSING price:
Daily Bearish levels --> close a daily candle below $9949, $9878, $9373, $9280, $9211.
Daily Bullish levels --> close a daily candle above $12048, $12098, $12140, $13194, $13345
Weekly Bearish levels --> close a weekly candle below $9614, $9049, $7468, $7432, $5562
Weekly Bullish levels --> close a weekly candle above $13850.
Note
I just realized that in 2017 Bitcoin made a low of $3000 the week of September 11 and from there it blasted higher to $20000 in December, just 4 months later. If that's a TIMING indication, maybe, perhaps, Bitcoin could still make a new low in the next few weeks and then blast all the way to a new ATH into December and January... just a thought on TIMING...Note
Based on August 19th closing, going down Aug 20th then moving up Aug 21st.
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