Bullish daily harmonic for Bitcoin
Left side view: 6month wycoff re-accumulation model. That I believe fits fundamentally, with whales offloading at 50-60k and are now re-buying at 30k.
Right side view: A bullish harmonic on the daily. That should run its course in the next week or so, where I would expect things to push up towards the 40k area.
Commentary: Ignoring the Binance regulatory fud, banks manipulating risk narratives, and Chinese bans... the on-chain analysis is that cypto users are growing, whales are accumulating and companies, politicians and even countries are getting into crypto. So I'm generally bullish.
However, it'll probably take a lot longer than we'd like to actually go up. So i'm expecting a good few months for this pattern to complete. And it's entirely possible we dip into the 27k area to test the 'sign of weakness' area around the 61% level of the bull run. That would send a false signal to retail to be bearish on Bitcoin, increasing short interest and reducing the longs. That will ultimately provide the fuel to markup the price later. If retail holds it's nerve however, that is entirely possible given the 'HODL' and 'Diamond Hands' stuff, then you'd expect volume to dry up as people stop selling, and then the price will move up into the UTAD area. And there we'll find out if there's any selling resistance (the whales may offload again, to re-accumulate back at 30k AGAIN, just to be annoying). Or whether we go into full markup mode and chase the 170k-500k highs that are possible this halving cycle according to all the log channel charts, S2F models etc.
All in all... i'm assuming Bitcoin will go up, and significantly so. I'm just hoping that's a question of mere months rather ~3 years.
Right side view: A bullish harmonic on the daily. That should run its course in the next week or so, where I would expect things to push up towards the 40k area.
Commentary: Ignoring the Binance regulatory fud, banks manipulating risk narratives, and Chinese bans... the on-chain analysis is that cypto users are growing, whales are accumulating and companies, politicians and even countries are getting into crypto. So I'm generally bullish.
However, it'll probably take a lot longer than we'd like to actually go up. So i'm expecting a good few months for this pattern to complete. And it's entirely possible we dip into the 27k area to test the 'sign of weakness' area around the 61% level of the bull run. That would send a false signal to retail to be bearish on Bitcoin, increasing short interest and reducing the longs. That will ultimately provide the fuel to markup the price later. If retail holds it's nerve however, that is entirely possible given the 'HODL' and 'Diamond Hands' stuff, then you'd expect volume to dry up as people stop selling, and then the price will move up into the UTAD area. And there we'll find out if there's any selling resistance (the whales may offload again, to re-accumulate back at 30k AGAIN, just to be annoying). Or whether we go into full markup mode and chase the 170k-500k highs that are possible this halving cycle according to all the log channel charts, S2F models etc.
All in all... i'm assuming Bitcoin will go up, and significantly so. I'm just hoping that's a question of mere months rather ~3 years.
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.