Good day,
Looking at the 4hr chart we can see that Bitcoin has been steadily strong over the past few days. With that said it has been really low on volume and trading sideways for the past few hours. That plus a few other indications and patterns were used to make this TA.
Note Iam using the Boss Method MA's. The Boss Method is patented intellectual property owned by Brandon Kelly aka The Boss of Bitcoin on various Social Media's.
Continuing we see some bullish indications on Bitcoin that out weigh the bearish ones. First and foremost Bitcoin broke the downtrend line that brought us down to 6k. Secondly Bitcoin has been forming continuation pennants after pennants as indicated by the cyan bubbles and it seems to be doing that now. Finally on the Boss Method moving averages we can see the 77 day MA intersected and went over the 231 which is a sure sign of Bullish momentum for Bitcoin going LONG.
In the bear scenario it is just that a SCENARIO, this does not mean I am bearish on Bitcoin because at this time it has proven its self LONG term. However we may see a little bit of a pull back if it does not break out of the rising wedge patter. The rising wedge if seen a break out would be from the continuation pennant I see forming. If it breaks below it will test the magenta support barrier, if that breaks down to the 231 MA and would see a sure bounce off of that.
Overall Bitcoin is Bullish and is in a continuation pattern. Bitcoin is taking a slow and steady approach which tells me people are actually analyzing this thing and going long on it and are not short trading this or they would want to see a boost and would buy it up to immediately sell off of the FOMO impulse. I think this continuation pattern is healthy. If Bitcoin does drop wait for it to test the barrier if it breaks waitlist to buy at the 231. If it holds and we see a bounce buy for LONG positions.
What do you think?
Looking at the 4hr chart we can see that Bitcoin has been steadily strong over the past few days. With that said it has been really low on volume and trading sideways for the past few hours. That plus a few other indications and patterns were used to make this TA.
Note Iam using the Boss Method MA's. The Boss Method is patented intellectual property owned by Brandon Kelly aka The Boss of Bitcoin on various Social Media's.
Continuing we see some bullish indications on Bitcoin that out weigh the bearish ones. First and foremost Bitcoin broke the downtrend line that brought us down to 6k. Secondly Bitcoin has been forming continuation pennants after pennants as indicated by the cyan bubbles and it seems to be doing that now. Finally on the Boss Method moving averages we can see the 77 day MA intersected and went over the 231 which is a sure sign of Bullish momentum for Bitcoin going LONG.
In the bear scenario it is just that a SCENARIO, this does not mean I am bearish on Bitcoin because at this time it has proven its self LONG term. However we may see a little bit of a pull back if it does not break out of the rising wedge patter. The rising wedge if seen a break out would be from the continuation pennant I see forming. If it breaks below it will test the magenta support barrier, if that breaks down to the 231 MA and would see a sure bounce off of that.
Overall Bitcoin is Bullish and is in a continuation pattern. Bitcoin is taking a slow and steady approach which tells me people are actually analyzing this thing and going long on it and are not short trading this or they would want to see a boost and would buy it up to immediately sell off of the FOMO impulse. I think this continuation pattern is healthy. If Bitcoin does drop wait for it to test the barrier if it breaks waitlist to buy at the 231. If it holds and we see a bounce buy for LONG positions.
What do you think?
Note
Seems like BTC fell out of the wedge and bounced upwards. Strength remains with BTC.
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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.
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.