Bitcoin is extremely bullish and left people in disbelief!
Updated
- Bitcoin continues to rally from the bottom of 24920 to 27137 and is heading towards 28650! This is going to happen; the bull market is absolutely awesome, and profits are huge!
- If you are following me, I have been bullish almost from the bottom of the last big dump while the majority is still shorting Bitcoin on futures, which can also be seen in the negative funding rate on exchanges.
- I hope you guys are enjoying this bullishness as much as I do, and I wish you massive profits!
- From a technical perspective, the price of Bitcoin is moving in the ascending parallel channel on the 4H chart and will touch the trendline in the first week of October! This is also a strong resistance because of the 1:1 Fibonacci extension from wave (1) -> wave (2).
- October, November, and December are statistically bullish months for Bitcoin, so we should expect an uptrend this season. Summer is usually boring, and September is usually bearish.
- I see bullishness on Ethereum and altcoins, which is another good sign for the crypto market. DXY is pretty bullish, while Bitcoin is bullish as well, another strong sign!
- What about gold and silver? These assets are going down, while Bitcoin is also rising, making a bullish divergence another good sign!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and privately.
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
Bitcoin is pumping, October starts very beautifully, and we want to be greedy. Now we need to look at the BTC.D. (Bitcoin Dominance) chart. My analysis suggests that Bitcoin should reach 60% dominance this year, so do not expect any big alt-season yet.Note
Bitcoin hit the top of the parallel channel successfully, which was indeed a strong resistance. Of course we are bullish; our next stop is the 0.618 FIB retracement of the previous wave!Note
It's always important to take a look at the weekly candles. How did the previous weekly candle look? It's a strong green bullish engulfing candle, so this week we should continue in the uptrend!
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