BitcoinLong
BTCUSD 10/8/2023
Updated
BTC
History likes to repeat itself.
Weekly chart analysis
Below I will be comparing the current BTC weekly chart VS weekly BTC chart of period Oct.’13 – Feb.’17
Both charts start with a Parabolic move upwards in price followed by a crash of at least -50%.
The crashes forces BTC into a sideways market, which eventually broke towards the downside. This downward break deems the sideways market a Distribution stage. Price enters a downtrend.
The downtrend reaches a bottom and enters a sideways market.
Price breaks out of sideways market towards the upside. This breakout deems the sideways market an Accumulation stage.
After the breakout, price proceeds to build-up at the Distribution stage’s support level which is acting as resistance level.
In the ‘Oct.’13 – Feb.’17’ chart, the “build-up” or consolidation at the resistance level served as a compelling entry point to go long. BTC proceeded to enter uptrend and retest the previous highs from 2013 and continue north past that.
Today, BTC appears to be in a 'build-up' phase at the resistance level, reminiscent of the pattern observed in 2016, after breaking out of an Accumulation stage..
When the markets topped out and fell in 2000 and move sideway for about 13 years, GOLD found itself entering an Uptrend. GOLD was the safe place for folks until the economy got it together and started new uptrend.
I believe the markets have topped out and will start to fall and it seems like BTC will be a “safe place” for folks to weather the storm until the economy gets its shit together.
Entering Trade long.
Entry: 27,948
Stoploss: 23,140, -17.20%
Target #1: 63,669, +127.81%, 7.34 RR ratio
Target #2: 96,000, +244.56%, 14.43 RR ratio
Please see my previous analysis on BTC/USD
and my previous analysis on GOLD
History likes to repeat itself.
Weekly chart analysis
Below I will be comparing the current BTC weekly chart VS weekly BTC chart of period Oct.’13 – Feb.’17
Both charts start with a Parabolic move upwards in price followed by a crash of at least -50%.
The crashes forces BTC into a sideways market, which eventually broke towards the downside. This downward break deems the sideways market a Distribution stage. Price enters a downtrend.
The downtrend reaches a bottom and enters a sideways market.
Price breaks out of sideways market towards the upside. This breakout deems the sideways market an Accumulation stage.
After the breakout, price proceeds to build-up at the Distribution stage’s support level which is acting as resistance level.
In the ‘Oct.’13 – Feb.’17’ chart, the “build-up” or consolidation at the resistance level served as a compelling entry point to go long. BTC proceeded to enter uptrend and retest the previous highs from 2013 and continue north past that.
Today, BTC appears to be in a 'build-up' phase at the resistance level, reminiscent of the pattern observed in 2016, after breaking out of an Accumulation stage..
When the markets topped out and fell in 2000 and move sideway for about 13 years, GOLD found itself entering an Uptrend. GOLD was the safe place for folks until the economy got it together and started new uptrend.
I believe the markets have topped out and will start to fall and it seems like BTC will be a “safe place” for folks to weather the storm until the economy gets its shit together.
Entering Trade long.
Entry: 27,948
Stoploss: 23,140, -17.20%
Target #1: 63,669, +127.81%, 7.34 RR ratio
Target #2: 96,000, +244.56%, 14.43 RR ratio
Please see my previous analysis on BTC/USD
and my previous analysis on GOLD
Note
beautiful price action!Trade closed: target reached
Target #1: 63,669, +127.81%, 7.34 RR ratioTrade active
Note
Great trade so far. expecting a drop possibly between 45-55k. That would be an incredible buying opportunity.Note
Still pumping. What a rideNote
Target reached: Target #2: 96,000, +244.56%, 14.43 RR ratio
Trade still open
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.