BitcoinLong
Long Term Bitcoin Analysis
Updated
Bitcoin's halving is estimated to be sometime around May 2020 and is showing clear support on the 50 sma. The TD sequential is currently a 7 while also holding the sma. I do believe we will see an 8 and would be lucky to see a 9 representing a hard buy as it would show trend exhaustion especially when the VIX is also showing signs of a bottom. The MFI is in the dirt and oddly enough the RSI is bouncing off the previous low it made last bear market. All signs of a great a opportunity. ON A MONTHLY VIEW - LONG TERM
We all know Everyone is aiming for 2500 and under for a great buy. But what if it never reaches that point? Why would market makers and big institutions that have been accumulating for months give us the opportunity to buy lower. All around the world products are being launched from small entrepreneurs to large corporations. To me that shows they have their bags ready or are accumulating right now. Before to long we will have things like ETFs and not too long after that, those people that once bought those products will want to own real BTC and have the private keys, putting more buy pressure.
As we get closer to the halving I strongly believe we will see a price increase and we are running out of time to hit that dream buy in price. Especially with the 50 month sma currently holding for support and a guaranteed 8 possible 9 on the TD.
Let me know what you think.
We all know Everyone is aiming for 2500 and under for a great buy. But what if it never reaches that point? Why would market makers and big institutions that have been accumulating for months give us the opportunity to buy lower. All around the world products are being launched from small entrepreneurs to large corporations. To me that shows they have their bags ready or are accumulating right now. Before to long we will have things like ETFs and not too long after that, those people that once bought those products will want to own real BTC and have the private keys, putting more buy pressure.
As we get closer to the halving I strongly believe we will see a price increase and we are running out of time to hit that dream buy in price. Especially with the 50 month sma currently holding for support and a guaranteed 8 possible 9 on the TD.
Let me know what you think.
Note
In my opinion, from looking at the monthly chart, the dead cat has not bounced or is bouncing. There is strong support off the 20 week sma which could lead it up to the 50 week sma to reject and go back down. Giving this bounce and shaking out more people in the hopes of reaching 2500 and bellow area. The RSI and MFI are both point up and we just came from a previous downtrend exhaustion represented by the green vix bars.
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