1 More week of Consolidation? BTC is ready to run with BULLS
Heya All,
After watching endlessly 5 minutes, 1 hour, 4 hour and daily charts that barely move, it is hard to not give in to a slight sense of fear and uncertainty and question all the motives that brought you to this asset. The fear intensifies as we watch all the experts, YouTubers and analysts that do not really think twice before speculating with doom and gloom scenarios and will draw Fib Circles of death and capitulation that point straight to the crypto abyss.
(To be fair, I love that "Fib Circles of Death" guy... he is a crapy analyst and chartist but maan he has a talent and vision of an artist - Check his latest work for sure, it is beautiful... print it, frame it and hang it in your office).
Back to the business - Despite all the speculations and probably the thousandth FIB circle of capitulation averted, we have to look at higher timeframes and see that probably the first time in a while we see the full long-term bullish momentum developing, here are why:
1. We have an incredible bullish line up of all the momentum oscillators, pretty much everything above daily is pointing up and shows the true potential of the tend.
2. Monthly RSI and Stoch has finally moved to the bullish control zone and is predicting the great future for next year to come. This is a very rare occurrence, which happens once every 2 years and is usual prerequisite of the new bull market.
3. Weekly indicators VWAP and Neural network-based momentum combi crystal ball oscillator on weekly also shows the return of the bullish green forces to the market.
4. EMAs are diverging from each other in an orderly and beautiful fashion; in a fashion, that you'd expect to be common for trending bullish markets.
Some additional observations from my side:
- Weekly 21 EMA is now trailing at 8900 and most likely will continue to go up as the time passes and we shuffle in between pre-established support-resistance lines, drawing longer and longer triangles every week.
- At this point, I really, really don't see any way of price dropping below 9400 level. Well, there is always a possibility of USDT going bust or some other black swan event occurring.
- Wet dreams of gap believers most likely will not come true, unless the "Fib Circles of Death" guy turns out to be right all along and BTC will capitulate over and over again like a porn star on Sibian at Howard Stern's show.
Hope you appreciate my rather humorous tone of this post. If I have offended anybody, I simply don't care, yet I encourage you to express your anger in the comment section below.
Subscribe for more and have a freaki'n productive as well as profitable week ahead.
Cheers
Archie
After watching endlessly 5 minutes, 1 hour, 4 hour and daily charts that barely move, it is hard to not give in to a slight sense of fear and uncertainty and question all the motives that brought you to this asset. The fear intensifies as we watch all the experts, YouTubers and analysts that do not really think twice before speculating with doom and gloom scenarios and will draw Fib Circles of death and capitulation that point straight to the crypto abyss.
(To be fair, I love that "Fib Circles of Death" guy... he is a crapy analyst and chartist but maan he has a talent and vision of an artist - Check his latest work for sure, it is beautiful... print it, frame it and hang it in your office).
Back to the business - Despite all the speculations and probably the thousandth FIB circle of capitulation averted, we have to look at higher timeframes and see that probably the first time in a while we see the full long-term bullish momentum developing, here are why:
1. We have an incredible bullish line up of all the momentum oscillators, pretty much everything above daily is pointing up and shows the true potential of the tend.
2. Monthly RSI and Stoch has finally moved to the bullish control zone and is predicting the great future for next year to come. This is a very rare occurrence, which happens once every 2 years and is usual prerequisite of the new bull market.
3. Weekly indicators VWAP and Neural network-based momentum combi crystal ball oscillator on weekly also shows the return of the bullish green forces to the market.
4. EMAs are diverging from each other in an orderly and beautiful fashion; in a fashion, that you'd expect to be common for trending bullish markets.
Some additional observations from my side:
- Weekly 21 EMA is now trailing at 8900 and most likely will continue to go up as the time passes and we shuffle in between pre-established support-resistance lines, drawing longer and longer triangles every week.
- At this point, I really, really don't see any way of price dropping below 9400 level. Well, there is always a possibility of USDT going bust or some other black swan event occurring.
- Wet dreams of gap believers most likely will not come true, unless the "Fib Circles of Death" guy turns out to be right all along and BTC will capitulate over and over again like a porn star on Sibian at Howard Stern's show.
Hope you appreciate my rather humorous tone of this post. If I have offended anybody, I simply don't care, yet I encourage you to express your anger in the comment section below.
Subscribe for more and have a freaki'n productive as well as profitable week ahead.
Cheers
Archie
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.