BTC - Where we've been, and where we're likely headed.
What an exciting ride it's been in Macro Markets lately! </s> If you're into S&M that is. I've long said, thanks to Luke Gromen, BTC is our best Liquidity Gauge in markets. And BTC hasn't failed us this time either. It sniffed out a change in tides, well before any other asset in markets.
Where we've been....
1) BTC on the Weekly chart puts in a beautiful, textbook "Bullish Divergence".
2) BTC closes on the Weekly, above the Kijun, and with High Volume (Green candle, not color, the 'g' below it; indicating high volume and high price movement : Bill Williams theory)
3)BTC breaks above the Descending Forecast Line (Orange Dotted) from our 69k ATH! This is HUGE. I took profits on Longs here, as generally speaking, the first touch of a Forecast Line rejects. We proceeded to grind down the Forecast Line (on the upside of it), and this week have broken back out to the Upside, consequently also breaking through the new Forecast Line made by our original piercing/pullback of the 69k Line.
This is all beautifully Bullish, and as I said...was indicative of BTC sniffing out a Pause/Pivot/Trouble in the FED's "tightening" scheme. It will definitely be interesting to see what Powell does re: Rate Hikes in a few days.
So here we are, breaking through many "resistance" areas, and now sitting just below this very thick Cloud. A pullback to the Ascending Forecast Line (from the 15,xxx Lows) would not surprise me, and would likely represent a perfect Buying Opportunity (currently 19,2xx and rising).
Where we're likely headed....
4) The 32-33k region has a very flat Kijun and SSB, a likely candidate for a Target on running Liquidity/Pausing/Resistance.
5) The current Monthly Kijun as well as ~~Weekly SSB around 42,2xx would be the next higher target.
6) Followed by the 69k ATH Monthly Forecast Line (Red Dotted Descending) currently > 50k and descending.
Unless Global Macro forces change suddenly, and the FED decides to ramp rates much higher ( I don't see this happening ), I see Medium to Long Term upside for BTC, and Dips are for buying.
As always, good luck, have fun, and practice solid risk management.
Where we've been....
1) BTC on the Weekly chart puts in a beautiful, textbook "Bullish Divergence".
2) BTC closes on the Weekly, above the Kijun, and with High Volume (Green candle, not color, the 'g' below it; indicating high volume and high price movement : Bill Williams theory)
3)BTC breaks above the Descending Forecast Line (Orange Dotted) from our 69k ATH! This is HUGE. I took profits on Longs here, as generally speaking, the first touch of a Forecast Line rejects. We proceeded to grind down the Forecast Line (on the upside of it), and this week have broken back out to the Upside, consequently also breaking through the new Forecast Line made by our original piercing/pullback of the 69k Line.
This is all beautifully Bullish, and as I said...was indicative of BTC sniffing out a Pause/Pivot/Trouble in the FED's "tightening" scheme. It will definitely be interesting to see what Powell does re: Rate Hikes in a few days.
So here we are, breaking through many "resistance" areas, and now sitting just below this very thick Cloud. A pullback to the Ascending Forecast Line (from the 15,xxx Lows) would not surprise me, and would likely represent a perfect Buying Opportunity (currently 19,2xx and rising).
Where we're likely headed....
4) The 32-33k region has a very flat Kijun and SSB, a likely candidate for a Target on running Liquidity/Pausing/Resistance.
5) The current Monthly Kijun as well as ~~Weekly SSB around 42,2xx would be the next higher target.
6) Followed by the 69k ATH Monthly Forecast Line (Red Dotted Descending) currently > 50k and descending.
Unless Global Macro forces change suddenly, and the FED decides to ramp rates much higher ( I don't see this happening ), I see Medium to Long Term upside for BTC, and Dips are for buying.
As always, good luck, have fun, and practice solid risk management.
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