Tracing Bullish Phase After Trump Trade
Updated
If Donald Trump's victory is seen by many experts as confirmation of Bitcoin's ATH breakout which has been going on for 237 days since March 14 2024 because after November 6 2024 or coinciding with Donald Trump's acclamation as elected President of the United States, the pinbar was marked by a significant increase in price. The streak up to the time this record was made has reached ATH at 93,547.6.
So for the next price movement, it is important for us as investors to look for the lowest point that will not be touched again by the Bitcoin bullish phase which has just begun, as in the previous bullish phase which started on November 16 2020 and ended on November 14 2022 ( 722d) which has its lowest point at 16,165.1 and its highest peak at 68,999.7
By looking at the beginning of the previous bullish phase (figure A) we clearly see that there is an area that we can mark and it is similar to the current consolidation phase, namely the one that was formed from the ATH 14 March 2024 until the break out on Trump Trade day (06 November 2024).
In this area, if we enlarge the scale to the 3hr timeframe (TradingView with a Plus register like mine cannot display below tf.3hr) then we will find signs similar to the consolidation phase before the bullish phase which is currently just starting, for example a spike with a pattern the same, or the Trump Trade breakout which I consider to be a trace of the past. Apart from that, we can also see and project how high Bitcoin will rise, which could exceed all observers' expectations, the highest being $1.000.000 per 1BTC. (figure B)
I estimate that the lowest price that will not be touched again by the current bullish phase will be at the lowest trading price on November 7 2024, namely at 85157.20 and the current bullish phase will return to this number once we can see the phase bearish later. I also see the highest price on November 7, 2024 as strong support for bitcoin at this time after 93,408.93 marking.
https://charts.mql5.com/41/390/btcusd-m30-fbs-markets-inc-2.png
So for the next price movement, it is important for us as investors to look for the lowest point that will not be touched again by the Bitcoin bullish phase which has just begun, as in the previous bullish phase which started on November 16 2020 and ended on November 14 2022 ( 722d) which has its lowest point at 16,165.1 and its highest peak at 68,999.7
By looking at the beginning of the previous bullish phase (figure A) we clearly see that there is an area that we can mark and it is similar to the current consolidation phase, namely the one that was formed from the ATH 14 March 2024 until the break out on Trump Trade day (06 November 2024).
In this area, if we enlarge the scale to the 3hr timeframe (TradingView with a Plus register like mine cannot display below tf.3hr) then we will find signs similar to the consolidation phase before the bullish phase which is currently just starting, for example a spike with a pattern the same, or the Trump Trade breakout which I consider to be a trace of the past. Apart from that, we can also see and project how high Bitcoin will rise, which could exceed all observers' expectations, the highest being $1.000.000 per 1BTC. (figure B)
I estimate that the lowest price that will not be touched again by the current bullish phase will be at the lowest trading price on November 7 2024, namely at 85157.20 and the current bullish phase will return to this number once we can see the phase bearish later. I also see the highest price on November 7, 2024 as strong support for bitcoin at this time after 93,408.93 marking.
https://charts.mql5.com/41/390/btcusd-m30-fbs-markets-inc-2.png
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