The Only Bitcoin Chart You Need
Hello Ladies and Gents!
I've spent the day reading all the Bearish charts and have to be honest...I couldn't disagree more.
Why?
Well for starters, we all know that the bigger the charts time frame the better overall picture we see. Hence 99% of the charts are looking at 4hour or daily.
So what does the weekly chart say to me?
If we look at the weekly chart, most traders have called the #1 formation a falling wedge. I, however do not see it that way as we have broken the falling wedge pattern in late June.
#1 this is were, to be a classic falling wedge, we would see the price of Bitcoin running along the RED trend lines. That changed back in June/July when we started making higher lows. A fact that has been massively discounted by the bears.
#2 is our REAL triangle pattern or wedge, which clearly shows a deviation away from the #1 wedge and looks more like a bull pennant to me.
#3 the STOCH is showing a slight bullish divergence as well.
So now what?
If you look at my chart from Sept 6th, you can see the price has been almost exactly in step with my uptrend line. Simply put Bitcoin does not follow "typical" charts because of many reasons, buyer sentiment namely being one and lack of SEC governing ship being another. (Less structure more volatility).
So if we know BTC is going to break one way or another in the coming weeks AND we take the chart indications as mostly positive for the last 3 months, we come to a decent idea that an upward break is likely.
NOW
Lets take into account the global, much less USA sentiment on BTC. Can ANYONE really say the past 6 months have not been the most BULLISH news? SEC reviewing applications, Blackrock and Coinbase looking into an ETF, Citibank creating its own custody solution to circumvent the need for and ETF, BAKKT opening in Nov, Canada now allowing everyone to invest in BITCOIN per their retirement funds....
I MEAN COME ON - if we cant all agree on the upside or downside break, can we at least all agree that these multi billion dollar companies are investing a tremendous amount of time and energy in order to, at least, "explore" the monetization of Bitcoin? And do you think they are NOT going to be salivating at the creating of a new asset class?
The writing, at this time, is not on the charts , so much as on the walls.
Considering Bitcoin has Historically done its best in Q4 since 2013 (except for 2014) and the plethora of behind the curtain positive things going on and lastly the fact that we only need 1 of these to come to fruition to start our next bull cycle.... I put the odds of an upside break at 85%.
I cannot call if we will break ALT this year, but if/when we get some good news, we have a STRONG chance of exploding past 10k
Bitcoin Bull.
Thank you for all your positive comments and likes! I really appreciate the support!
I've spent the day reading all the Bearish charts and have to be honest...I couldn't disagree more.
Why?
Well for starters, we all know that the bigger the charts time frame the better overall picture we see. Hence 99% of the charts are looking at 4hour or daily.
So what does the weekly chart say to me?
If we look at the weekly chart, most traders have called the #1 formation a falling wedge. I, however do not see it that way as we have broken the falling wedge pattern in late June.
#1 this is were, to be a classic falling wedge, we would see the price of Bitcoin running along the RED trend lines. That changed back in June/July when we started making higher lows. A fact that has been massively discounted by the bears.
#2 is our REAL triangle pattern or wedge, which clearly shows a deviation away from the #1 wedge and looks more like a bull pennant to me.
#3 the STOCH is showing a slight bullish divergence as well.
So now what?
If you look at my chart from Sept 6th, you can see the price has been almost exactly in step with my uptrend line. Simply put Bitcoin does not follow "typical" charts because of many reasons, buyer sentiment namely being one and lack of SEC governing ship being another. (Less structure more volatility).
So if we know BTC is going to break one way or another in the coming weeks AND we take the chart indications as mostly positive for the last 3 months, we come to a decent idea that an upward break is likely.
NOW
Lets take into account the global, much less USA sentiment on BTC. Can ANYONE really say the past 6 months have not been the most BULLISH news? SEC reviewing applications, Blackrock and Coinbase looking into an ETF, Citibank creating its own custody solution to circumvent the need for and ETF, BAKKT opening in Nov, Canada now allowing everyone to invest in BITCOIN per their retirement funds....
I MEAN COME ON - if we cant all agree on the upside or downside break, can we at least all agree that these multi billion dollar companies are investing a tremendous amount of time and energy in order to, at least, "explore" the monetization of Bitcoin? And do you think they are NOT going to be salivating at the creating of a new asset class?
The writing, at this time, is not on the charts , so much as on the walls.
Considering Bitcoin has Historically done its best in Q4 since 2013 (except for 2014) and the plethora of behind the curtain positive things going on and lastly the fact that we only need 1 of these to come to fruition to start our next bull cycle.... I put the odds of an upside break at 85%.
I cannot call if we will break ALT this year, but if/when we get some good news, we have a STRONG chance of exploding past 10k
Bitcoin Bull.
Thank you for all your positive comments and likes! I really appreciate the support!
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