Bitcoin, It's Time for Takeoff
This is going to be the only Bitcoin chart you need to see folks. It's not fancy, not using thousands of indicators, or anything - because they aren't necessary right now!
Bitcoin just saw a surge from $6,900 to an astounding $8,000 at it's peak this morning. Watching that run up gave me a larger adrenaline rush than anything has this past bearish quarter. Why did the run up happen? Here's why:
- We have established in past Ideas the importance we should have given to Venture Capitalists. I said, and I will always say, wherever VC funds are going, you should invest. in 1994-1995, when the market was tanking, oddly enough, VC's were seen pouring money into the tech industry. And subsequently, the tech industry had it's boom following that to the likes of 5T entering the space. The SAME thing has happened with cryptocurrency folks. When the market was decreasing day over day, panic sellers everywhere, VC's were meeting with large projects and funding them with exorbitant amounts of money (prime example: Circle aquiring Poloniex for 400M).
- Other very large news in the space was Gemini's announcement regarding block trading. This is a trading method that will allow large sums of money to trade entire blocks of BTC and ETH. Currently set, the minimum blocks that can be purchased are 10BTC and 100ETH at a given time. Although they say they the trades will be published 10 minutes after the actual trade has gone through to prevent price volatility, one can image this is going to drastically alter prices. This is VERY important to track. It is currently 9AM EST and block trading is set to open at 9:30AM EST.
- Speculation over the Rothschild family and Soros investing in crypto. Although they are notorious for working behind the scenes and making their money before the public finds out about it, this could be a strategic play by them to make even more money. Now the public can join them on BTC's price action up? Sounds too good to be true, yet that's the news we have currently.
- 250B-280B Market Cap held strong! This was a massive support zone for BTC for a number of reasons and we managed to stay within it, which is why I believe now we're on the north end of it, we could be seeing a slight uptick. I believe this zone was major support, not only because previous trend lines say so, but because of the price of BTC mining as well. I know mining difficulty would decrease the less miners, but there are tons of people who want to mine and retaining prices where it remains just above profitable, makes for great support.
- The most important indicator is going to be this 1D candle here. It is VITAL we close above $7758 today to solidify a break from our channel! If we manage to close above this bearing trend line that has been extremely well respected since 19k, that would indicate a massive reversal. The best part about that? Historically speaking, the fourth retest of a resistance line has been know to break it. Our first test at 19K, second at 17K, third at 11.5K and here we are at our fourth.
Ladies and gentlemen, there has been not good, but GREAT, news surrounding the cryptocurrency world the past quarter. Sure, there was some outlying FUD the news bolstered up to scare the weak hands off, but looking at VC funding (again, biggest indicator to me personally), and all of the positive developments to the space, it was only a matter of time before we began to see some life again. Keep an eye on the charts come 9:30AM when block trading opens. This could send us through this resistance as it is our fourth retest, but then again, it is block trading, not just block buying. They have the opportunity to sell in blocks as well, so watch closely this next half hour as I think we're going to see some big time moves.
Buckle up folks, if we don't break this resistance, we could reverse back to lower support at the $6,500 zone. Nonetheless, I remain bullish.
LarGuy
Bitcoin just saw a surge from $6,900 to an astounding $8,000 at it's peak this morning. Watching that run up gave me a larger adrenaline rush than anything has this past bearish quarter. Why did the run up happen? Here's why:
- We have established in past Ideas the importance we should have given to Venture Capitalists. I said, and I will always say, wherever VC funds are going, you should invest. in 1994-1995, when the market was tanking, oddly enough, VC's were seen pouring money into the tech industry. And subsequently, the tech industry had it's boom following that to the likes of 5T entering the space. The SAME thing has happened with cryptocurrency folks. When the market was decreasing day over day, panic sellers everywhere, VC's were meeting with large projects and funding them with exorbitant amounts of money (prime example: Circle aquiring Poloniex for 400M).
- Other very large news in the space was Gemini's announcement regarding block trading. This is a trading method that will allow large sums of money to trade entire blocks of BTC and ETH. Currently set, the minimum blocks that can be purchased are 10BTC and 100ETH at a given time. Although they say they the trades will be published 10 minutes after the actual trade has gone through to prevent price volatility, one can image this is going to drastically alter prices. This is VERY important to track. It is currently 9AM EST and block trading is set to open at 9:30AM EST.
- Speculation over the Rothschild family and Soros investing in crypto. Although they are notorious for working behind the scenes and making their money before the public finds out about it, this could be a strategic play by them to make even more money. Now the public can join them on BTC's price action up? Sounds too good to be true, yet that's the news we have currently.
- 250B-280B Market Cap held strong! This was a massive support zone for BTC for a number of reasons and we managed to stay within it, which is why I believe now we're on the north end of it, we could be seeing a slight uptick. I believe this zone was major support, not only because previous trend lines say so, but because of the price of BTC mining as well. I know mining difficulty would decrease the less miners, but there are tons of people who want to mine and retaining prices where it remains just above profitable, makes for great support.
- The most important indicator is going to be this 1D candle here. It is VITAL we close above $7758 today to solidify a break from our channel! If we manage to close above this bearing trend line that has been extremely well respected since 19k, that would indicate a massive reversal. The best part about that? Historically speaking, the fourth retest of a resistance line has been know to break it. Our first test at 19K, second at 17K, third at 11.5K and here we are at our fourth.
Ladies and gentlemen, there has been not good, but GREAT, news surrounding the cryptocurrency world the past quarter. Sure, there was some outlying FUD the news bolstered up to scare the weak hands off, but looking at VC funding (again, biggest indicator to me personally), and all of the positive developments to the space, it was only a matter of time before we began to see some life again. Keep an eye on the charts come 9:30AM when block trading opens. This could send us through this resistance as it is our fourth retest, but then again, it is block trading, not just block buying. They have the opportunity to sell in blocks as well, so watch closely this next half hour as I think we're going to see some big time moves.
Buckle up folks, if we don't break this resistance, we could reverse back to lower support at the $6,500 zone. Nonetheless, I remain bullish.
LarGuy
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