What's up with Bitcoin!!
Hey guys and gals,
I don't normally trade crypto currencies but everytime i come on trading view, i see people making random predictions with crazy headlines about cryptos. Here is what i see in my thought process:
Fundamental: Bitcoin is acting like a safe haven in current environment. With negative yields around the globe, currency wars , trade wars, political uncertainty and a global slowdown, CB's may bring out QE soon. If we go to risk off and CB's start to pump liquidity into the system, bitcoin and gold should do extremely well. It won't be a straight line drive but will involve phases of consolidation, pullback and range bound environments. This is a probability, not a certainity.
Technical: Weekly chart is simply consolidating after initial run up. Daily chart is currently range bound. How long will it spend here? I dunno and no one does. All i can do is watch the key level. You can see that highlighted on daily chart. That is the first condition. Chikou span/lagging line need to go in open space above price to see acceleration. If you are already long, stop should be below weekly kijun . Just because it is a volatile product, it does not mean you will become an overnight millionaire. Use position size accordingly within your risk limits and know your levels. If we break higher, i wont be surprised if we see ATH and see some pullback there . We'll need to asses at that point of time. I don't want to say that we are going to 100k. We'll see what happens at that time.
Thank you for reading. I hope this helps.
Thanks
I don't normally trade crypto currencies but everytime i come on trading view, i see people making random predictions with crazy headlines about cryptos. Here is what i see in my thought process:
Fundamental: Bitcoin is acting like a safe haven in current environment. With negative yields around the globe, currency wars , trade wars, political uncertainty and a global slowdown, CB's may bring out QE soon. If we go to risk off and CB's start to pump liquidity into the system, bitcoin and gold should do extremely well. It won't be a straight line drive but will involve phases of consolidation, pullback and range bound environments. This is a probability, not a certainity.
Technical: Weekly chart is simply consolidating after initial run up. Daily chart is currently range bound. How long will it spend here? I dunno and no one does. All i can do is watch the key level. You can see that highlighted on daily chart. That is the first condition. Chikou span/lagging line need to go in open space above price to see acceleration. If you are already long, stop should be below weekly kijun . Just because it is a volatile product, it does not mean you will become an overnight millionaire. Use position size accordingly within your risk limits and know your levels. If we break higher, i wont be surprised if we see ATH and see some pullback there . We'll need to asses at that point of time. I don't want to say that we are going to 100k. We'll see what happens at that time.
Thank you for reading. I hope this helps.
Thanks
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