BULLS GET READY! BTC Primed for a RALLY!!!!!!
Updated
Bitcoin has been lately testing the waters and Bitcoin made huge moves in downward direction that changed market sentiment from Bullish to bearish for Crypto.
MAJORITY are expecting a Drop to 30k. And that is what doesn't happen very often.
After what BTC did today, BTC has printed so many GREAT BULLISH SIGNS that i am pretty Confident that BTC has BOTTOMED OUT for Short to MID TERM and is looking to rally hard from this 40k ZONE.
But, What Exactly did BTC DID TODAY ?
1) BTC just Printed a DRAGONFLY DOJI Candlestick on DAILY Timeframe with HUGE VOLUME on Support Zone:-
2) BTC forming a beautiful falling wedge :-
3) Bouncing from Support Zone :-
4) BTC Making a DOUBLE BOTTOM with a massive bullish divergence :-
5) Monthly Timeframe Strong Bullish Divergence on BTC :-
Overall, Market Overreacted to Changes introduced by FED. Thus BTC Dumped on Sudden fear of increase in interest rates or increase in 10 Year Bond Yields but i do believe FED wouldn't want to crash the market.
Thus, for precaution sake, INVALIDATION point for this POST is $39570:
and My Target for BTC are for SHORT to MID Term :-
This is not a financial advice. This is just an educational idea and my own view and my own reasons due to which i have opened long positions from here for SHORT Term.
One more reason, i have gone long on BTC now is that It is a very low risk to Go long with Small Positions right now due to which i am willing to do so.
Enjoy everyone, and Trade Safely.
MAJORITY are expecting a Drop to 30k. And that is what doesn't happen very often.
After what BTC did today, BTC has printed so many GREAT BULLISH SIGNS that i am pretty Confident that BTC has BOTTOMED OUT for Short to MID TERM and is looking to rally hard from this 40k ZONE.
But, What Exactly did BTC DID TODAY ?
1) BTC just Printed a DRAGONFLY DOJI Candlestick on DAILY Timeframe with HUGE VOLUME on Support Zone:-
2) BTC forming a beautiful falling wedge :-
3) Bouncing from Support Zone :-
4) BTC Making a DOUBLE BOTTOM with a massive bullish divergence :-
5) Monthly Timeframe Strong Bullish Divergence on BTC :-
Overall, Market Overreacted to Changes introduced by FED. Thus BTC Dumped on Sudden fear of increase in interest rates or increase in 10 Year Bond Yields but i do believe FED wouldn't want to crash the market.
Thus, for precaution sake, INVALIDATION point for this POST is $39570:
and My Target for BTC are for SHORT to MID Term :-
This is not a financial advice. This is just an educational idea and my own view and my own reasons due to which i have opened long positions from here for SHORT Term.
One more reason, i have gone long on BTC now is that It is a very low risk to Go long with Small Positions right now due to which i am willing to do so.
Enjoy everyone, and Trade Safely.
Note
I would like to address misinformation in comment section about Divergences.Please have a look at this post that is posted by Yrat about Divergences :-
Also, please have a look at picture as well about divergences :-
newtraderu.com/wp-content/uploads/2020/07/D7AfXhEU0AMshwm.jpg
As you can see in them, HIDDEN BULLISH DIVERGENCE that i have pointed is completely Valid.
ANOTHER point, i would like to add is that, anyone saying RSI is overbought, please note, RSI being over 70 Can be looked as Getting in the territory as OVERBOUGHT or it can be used as a MOMENTUM Indicator that clearly defines Strong Bullish Trend and thus, instead of expecting a TREND REVERSAL after RSI gets into overbought territory, Price just might Explode because of Bullish momentum.
If anyone can find RSI AS a Momentum Indicator Guide on TradingView that someone posted, please do attach that. It was an awesome guide post about RSI.
These were the two points that i wanted to address.
Thank you for going through my post if you made it this far.
Note
I would like to add one more point, we bounced from GOLDEN ZONE.That is a very good bullish sign for Short to Mid Term :-
Note
Thank you very much to everyone for showing so much support and love for this idea post. After posting this idea, BTC did went up by 6.79% :-
But Bearish short term Trend in SPX and FED raising rates and cutting new asset purchases has caused so much FUD and especially "Uncertainty" in market.
I do feel that For all the love and support i have got, it is my responsibility to provide you guys an update.
For short-term price action that will determine mid-term price action of Bullish case for BTC will remain intact or not, these are the levels as i have shown in below picture which we need to regain in order to maintain confidence for Bullish case for Mid-term :-
As long as we remain above 40550, i will remain Bullish for Mid-term.
I hope you guys will like this short-term update.
Enjoy everyone & Trade Safely
Note
I am thankful to all of you for your love and support for this idea. This is the new BTC Update for all of you guys & i hope you will like it :
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