How Long Can Bitcoin Continue to Rally? Trend Analysis and Ideas
Bitcoin Trend Analysis and Ideas
Trend
Primary (Scope of the last 4 or so months)
Secondary (Trend of around the last 30 days)
Entry Trend
Notes
Daily
4hr
1hr
Potential Trading Ideas
Bitcoin has made a massive move to the upside arguably pulling it out of the bear market. This recent rise may be explained by investors attempting to hedge themselves after losing faith in a resolution of
the ongoing US trade war.
Trend
Primary (Scope of the last 4 or so months)
- Strong upwards trend after bitcoin bear market
- Has been in pretty strong upwards trend since beginning of 2019 (especially February)
- Overcame the tight range from end of 2018
- Been moving upwards at roughly 52 degrees
- New higher highs and higher lows (but no real major pull back as of yet)
Secondary (Trend of around the last 30 days)
- Strong upwards trend with volatile pullbacks
- Still constantly creating new higher lows (see trendline)
- New higher highs but had trouble at the most recent high
Entry Trend
- Slight downward trend after hitting most recent local high
- Reached new entry trend lower low of 8200
- Reached new entry trend lower high of 8587 and appears to be selling off
- Indecision around 8730 range
- 8940 current high and sold off aggressively from here
Notes
Daily
- Currently trading near horizontal resistance around 8500 level
- Would ideally like to see a pullback to 6700 area before moving higher
- Major sell off occurred on May 16th but was only closed about half of the move
- Watch triangle trendline
4hr
- Recent bullish ascending triangle
- Strong support around 8125 level
- Maybe too aggressive of a move? Would like to see more of a pullback here too
1hr
- Recently slowly recovered more than half of the prior days aggressive sell off
- Looks like it is peaking and may be coming down a little from pullback?
- Looking for entry around 8380 range assuming trendline holds (watch trendline close)
Potential Trading Ideas
Bitcoin has made a massive move to the upside arguably pulling it out of the bear market. This recent rise may be explained by investors attempting to hedge themselves after losing faith in a resolution of
the ongoing US trade war.
- Due to the rapid recent rise I personally would like to see a pullback back to the low 6000s before moving higher over the next month or two
- However on the mid to short term I am looking primarily to buy Bitcoin on pull backs to the support trendline from the beginning of may (assuming no trendline breaks)
- Short term there appears to be a short sell scalp down to around the $8380 level
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