BTC still looking bullish
Following up my last idea, titled "How far can BTC fall?", seems the idea became true. The price bounced off 3030 area that I described as whales' favorite fibonacci level. We got a strong red candle, followed by a strong green candle, signaling big investors are back in the game and the downtrend will reverse. And many more signals that confirm BTC/USD is in uptrend again can be seen on the chart.
On 15 September we saw a large bullish candle with record high volume, there's just no way small investors could have made such a high volume, so it's a good signal that institutional investors (who started the downtrend intentionally) reinvested in BTC. Another signal we're in uptrend again is the price fell below the 100 daily EMA. The last uptrend also started when price fell below the 100 EMA. Also it seems an Elliot wave cycle might have completed on that day.
On 18 September the price broke out of the downtrending channel.
On 26 September MACD crossed. MACD is lagging indicator and almost always gives signals too late but it's great signal for confirmation of trend changes.
Because according to all the bullish signals I believe BTC is uptrending and I drew new fibonacci retracement levels according to the last downtrend. Blue lines represent support/resistance zones according to past price action and they do fit to the new fibonacci levels almost perfectly.
So I'm still bullish for BTC for the months to come and I expect it to reach all time high (ATH) sooner or later. It's hard to guess what the new ATH will be, but according to fibonacci levels it might be at around 6200 area. Of course as it's usually the case, we can't expect for the price to just shoot straight up to the ATH. There will be dips on the way up for sure. But if there's no extremely negative news followed buy a huge sell-off triggered by the big players I think the ATH estimate is quite realistic. And I kind of doubt we will see those negative news anytime soon. It always tends to be the big players who serve such news, and start taking profits right after that, so they can re-enter market when the price is low. And I believe the price right now is still far from the profit they are looking for, so there's no reason for them to trigger another sell-off soon.
On 15 September we saw a large bullish candle with record high volume, there's just no way small investors could have made such a high volume, so it's a good signal that institutional investors (who started the downtrend intentionally) reinvested in BTC. Another signal we're in uptrend again is the price fell below the 100 daily EMA. The last uptrend also started when price fell below the 100 EMA. Also it seems an Elliot wave cycle might have completed on that day.
On 18 September the price broke out of the downtrending channel.
On 26 September MACD crossed. MACD is lagging indicator and almost always gives signals too late but it's great signal for confirmation of trend changes.
Because according to all the bullish signals I believe BTC is uptrending and I drew new fibonacci retracement levels according to the last downtrend. Blue lines represent support/resistance zones according to past price action and they do fit to the new fibonacci levels almost perfectly.
So I'm still bullish for BTC for the months to come and I expect it to reach all time high (ATH) sooner or later. It's hard to guess what the new ATH will be, but according to fibonacci levels it might be at around 6200 area. Of course as it's usually the case, we can't expect for the price to just shoot straight up to the ATH. There will be dips on the way up for sure. But if there's no extremely negative news followed buy a huge sell-off triggered by the big players I think the ATH estimate is quite realistic. And I kind of doubt we will see those negative news anytime soon. It always tends to be the big players who serve such news, and start taking profits right after that, so they can re-enter market when the price is low. And I believe the price right now is still far from the profit they are looking for, so there's no reason for them to trigger another sell-off soon.
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