BitcoinLong
Why I bought bitcoins at 3000? Explanation of current bullrun.
Updated
Wanna know why I was the one who sold bitcoins at 18000 and bought them back at 3000? Well, with sell at 18000 levels it was easy, there was a reversal pattern and many traders noticed it and sold bitcoins. But when I sold bitcoins at 18000 why I already knew I will buy them back somewhere in 2500-4500 range? This idea explains that.
What was going on with bitcoin in 2017/2018 years has already happened in bitcoins history earlier in 2013/2014. Vertical growth, then vertical fall, and what happened later was what I expected to happen again when I sold bitcoin at 18000 and what I wanted to see to buy bitcoins again. Red line is a simple 200ma and in 2015 price bounced from 200ma on weekly timeframe forming double bottom with higher low. So when I sold bitcoins at 18000 I simply waited the same story to happen and in 2018 december price has finally reached 200ma on weekly timeframe again. And here I bought bitcoins again on half of my free capital. Second half I spent on bitcoins when price repeated on weekly timeframe double bottom with higher low as well.
What does it mean for us now? Last bitcoin pump is simply repeat of history again together with work of double bottom pattern on weekly timeframe. This pump was even stronger than I predicted, thats because market is different than it was in 2015, there is a very strong FOMO factor now. FOMO already did its work since break of 6000 level and helped bitcoin to pass all strong resistance levels 6400/7200/8000/9500/12000 with easy. But actually the real FOMO didnt even start yet and when it will start it will be even stronger than it was in 2017. Bitcoins history together with TA tells us current bullrun should have its top somewhere around 38000 zone. But with that strong FOMO it can be even more easily. And what if ETF gets approved? Than I wont be surprised if bitcoin price hits 50000. FOMO should also make this bullrun shorter in time and more vertical in structure, I expect this bullrun to continue for next half of a year not longer.
What was going on with bitcoin in 2017/2018 years has already happened in bitcoins history earlier in 2013/2014. Vertical growth, then vertical fall, and what happened later was what I expected to happen again when I sold bitcoin at 18000 and what I wanted to see to buy bitcoins again. Red line is a simple 200ma and in 2015 price bounced from 200ma on weekly timeframe forming double bottom with higher low. So when I sold bitcoins at 18000 I simply waited the same story to happen and in 2018 december price has finally reached 200ma on weekly timeframe again. And here I bought bitcoins again on half of my free capital. Second half I spent on bitcoins when price repeated on weekly timeframe double bottom with higher low as well.
What does it mean for us now? Last bitcoin pump is simply repeat of history again together with work of double bottom pattern on weekly timeframe. This pump was even stronger than I predicted, thats because market is different than it was in 2015, there is a very strong FOMO factor now. FOMO already did its work since break of 6000 level and helped bitcoin to pass all strong resistance levels 6400/7200/8000/9500/12000 with easy. But actually the real FOMO didnt even start yet and when it will start it will be even stronger than it was in 2017. Bitcoins history together with TA tells us current bullrun should have its top somewhere around 38000 zone. But with that strong FOMO it can be even more easily. And what if ETF gets approved? Than I wont be surprised if bitcoin price hits 50000. FOMO should also make this bullrun shorter in time and more vertical in structure, I expect this bullrun to continue for next half of a year not longer.
Note
By the way I'm running tg channel where I provide free high quality BitMEX and Binance trading signals. And according to this idea Im looking mostly to open long positions here. Tradingview does not allow to post links, so search yourself on tg for "Free BitMEX & Binance signals" or pm me for link.
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