Bitcoin Outlook 2020 Q1 - The Beginning... Again
Updated
Revisiting my long term outlook on Bitcoin, I have advanced us forward in the time line. Even though I believe the chart shows us much higher up than previously thought and also giving me reason to give validity to "The Halvening is already priced in." ... I am convinced this just shows how epic and parabolic the next Bull Run will be for Bitcoin.
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The Halvening is Already Priced In
This leads me to believe the claims that the Halvening is already priced in could be true. However, I only see this as positive to the parabolic nature of Bitcoin and ultimately will propel price much higher than expected. Trades should proabably be to the Long side and should watch for big pull backs after the Halvening in May 2020. Be cvautious.
The 1 & 2 Rise up from the Never to Return Double Bottom
Once again I see these comparisons as proof that Bitcoin is moving even faster and more parabolic than previously thought. In some other ways, the current price action is lagging or taking longer to consolitdate, but there are still instances of quicker and sustained reactions with less volatile wicks as before.
Touchback Confirmations
The Point of Reference (POR) I have noted (red box / yellow dash line) was a previous price level of support on the way down to all time lows. Therefore, it served as a good level to bounce off of as support to show confirmation of further price movement to the upside.
To me this once again shows me that Bitcoin has more sustained movements in price rather than multiple ups and downs testing limits. If historical patterns hold true we should not hit the POR level at $6650 again.
Trading the Future
My own personal investment advice to new traders or unconfirmed successful traders is to HODL a large majority of your Bitcoin portfolio and utilize leverage trading only to enhance your portfolio. Any OGs will tell you that so many people would be RICH if they just HODLed everything they had. Me included. ;)
For actual trading advice I would say, always go with a LONG bias on high time frames like Daily and 4H. Smaller time frames it is just normal trading as usual. Don't get REKT and hope to see you in my next 2020 Q2 Outlook chart.
-= Bonavest =-
*** Don't Forget to Follow me here on Tradingview for more Outlook Updates ***
The Halvening is Already Priced In
- Measured move down from the previous ATH in 2016, right about when the 2nd Halvening happened, we were -31% from the all time high.
- In June 2019 we hit that same -31% from the previous ATH.
This leads me to believe the claims that the Halvening is already priced in could be true. However, I only see this as positive to the parabolic nature of Bitcoin and ultimately will propel price much higher than expected. Trades should proabably be to the Long side and should watch for big pull backs after the Halvening in May 2020. Be cvautious.
The 1 & 2 Rise up from the Never to Return Double Bottom
- In 2015/2016 there was a 2 step push up (green numbers) from the all time low to the -31% of previous ATH.
- In 2019 we saw an enormous push to the upside from $3,500 to $13,000 to the same -31% from previous ATH.
- Both of these moves gave ~+300% gains in less than a year.
Once again I see these comparisons as proof that Bitcoin is moving even faster and more parabolic than previously thought. In some other ways, the current price action is lagging or taking longer to consolitdate, but there are still instances of quicker and sustained reactions with less volatile wicks as before.
Touchback Confirmations
The Point of Reference (POR) I have noted (red box / yellow dash line) was a previous price level of support on the way down to all time lows. Therefore, it served as a good level to bounce off of as support to show confirmation of further price movement to the upside.
- In 2015 this happened very quickly at the #1 push up passed the POR and price never came back again.
- In December 2020 we had the same pullback/touchback confirmation at the POR level prior to any #2 push up.
To me this once again shows me that Bitcoin has more sustained movements in price rather than multiple ups and downs testing limits. If historical patterns hold true we should not hit the POR level at $6650 again.
Trading the Future
My own personal investment advice to new traders or unconfirmed successful traders is to HODL a large majority of your Bitcoin portfolio and utilize leverage trading only to enhance your portfolio. Any OGs will tell you that so many people would be RICH if they just HODLed everything they had. Me included. ;)
For actual trading advice I would say, always go with a LONG bias on high time frames like Daily and 4H. Smaller time frames it is just normal trading as usual. Don't get REKT and hope to see you in my next 2020 Q2 Outlook chart.
-= Bonavest =-
Note
With this most recent price drop on the Daily, I see we are definitely following similar up/down price fluctuations as we did around the time of the Halvening in 2016. Looks to be some more down or sideways before another big push to the upside.
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