You have to be a bull in this market.

So, this, I think is probably the first time I have published an idea.

To me, this is very bullish.

This is not financial advice.

First, don't FOMO. I doubt there's a trader on here who has not FOMO'd and regretted it at some point. It's a process of sitting back, doing your research and TA, learn as much as you can from mentors, and plan your entry points. If you start buying on sudden movements higher, you will buy the peak of the market. That is an almost certain guarantee, that anyone who has been doing this for more than a few months will tell you, and anyone who has been doing it for less, will learn. I genuinely think it is one of those things you need to go through as a trader, no matter how much you'll tell yourself you won't.

Second, no-one knows where the market will go for sure. TA works, for the simple reason that everyone believes it will, everyone is watching the same levels of support and resistance, and using the same indicators.

Third, news works for a similar reason. Everyone believes that the price of BTC will shoot up around the halving due to supply and demand economics. Therefore, regardless of the technicalities of the supply and demand issue, and miner sustainability etc,... it's likely to. (Having said that, if you were facing the prospect of not being profitable when the halving comes, then your only hope is that the price doubles and you can remain profitable. Surely you'd sell fewer BTC into the market so that you'd have a chance of remaining in business..... supply and demand.

But, in a nutshell, "Higher highs, higher lows, closes now on multiple timeframes outside of the descending regression channel from June last year, with a double bottom in just south of 7,000. A weekly MACD just crossed to the positive. Price bouncing off the 21 EMA.
This chart is very bullish!!!"

For those into Elliot Waves, I think we are nearing the end of wave five (over the past few days), of a larger wave ONE (since the beginning of January), itself inside an even larger wave 3 (with wave 2 completing end of December 2019, and wave 1 preceeding that from last years early lows).

First, a lot of traders will have sell orders to execute just south of 10,000, to capitalise on orders they have taken through this consolidation and sat on, getting a little stressed, and want to grab some profit. This would complete wave 5 of the recent smaller time frame trend since the beginning of January. I think that will slow momentum and we'll have an ABC correction there, (if we don't get one from here) and that will take us to bounce off the high 8,000s area and we'll continue up from there.

A weekly close above 10,400 will see the remaining timid bulls on the sideline enter the market as we will have crossed higher than the recent high after the October swing. That rebound was too rapid. Think about it. There's very little new money coming into this space at the moment, so where would that upward pressure have come from?

This time round, bulls are taking their time, consolidating, taking small amounts of profits and buying on pullbacks to fund their accumulation.

Not impossible, but I will be surprised if we retest the oft touted 5600 from here.

Let me know your thoughts.

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And possibly a golden cross of the 50/200 DSMA before the end of the month. Noice!

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Just a little test of 9200. If it doesn't rebound from here, that makes the top of wave 5 already complete and we have started our ABC correction (wave 2), which I expect to be a shallow correction. There are still a few non believers out there, and I get that. Holding the 200 Daily moving average will be a test.
Buckle up!

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(I've updated the chart)

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We'll, this doesn't age well. How wrong was I?

LauraRuffleyRae

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LauraRuffleyRae