BTCUSD Market Outlook - 6/24/21
Good afternoon / evening traders!
This is my 1st update in 10 days, this current market sentiment is difficult to navigate around in. There's just a lot going on in the cryptoverse right now with China banning Bitcoin miners on one side of the spectrum, and entire countries like El Salvador accepting the 'magic internet money' on the other side. In saying this, there's a lot of mixed signals with the short-term direction of Bitcoin and it's very hard to predict. Without further ado let's get right into it.
Looking at the 2-Day time frame of Bitcoin we can see that BTC is currently capitulating after coming down from the 1st top formed in April at ~$65,000. From here, Bitcoin blew through the $38-39k level of support and now that same level of support is acting as a level of resistance.
Looking at the weekly time frame, it really does seem like Bitcoin has bottomed out along the 28k level of support along with this long term uptrend formed at the start of the uptrend back during Thanksgiving 2020, right before the Bitcoin market started heating up.
I'm expecting bitcoin to hold this uptrend and slowly reverse back upwards. It is going to take some time to fully reverse and i'm not expecting anything even close to a major move up or down until the end of July (after Ethereum 'London' hard fork) going into the start of August. Around this time, Bitcoin can break out of this downtrend formed from the local high at ~$65,000 and eventually reverse to create newer highs and an eventual and inevitable 2nd top at the end of the year.
Take a look at my attached chart posted back in January explaining the logarithmic growth of Bitcoin. According to this chart and the S2F model, Bitcoin is still on track to hit those price targets and the bull run is not over. We just witnessed part 1 of the cycle, we still have a 2nd part to this cycle for us in store around the end of the year to look forward to.
As always please do your own research, I am not a financial advisor.
This is my 1st update in 10 days, this current market sentiment is difficult to navigate around in. There's just a lot going on in the cryptoverse right now with China banning Bitcoin miners on one side of the spectrum, and entire countries like El Salvador accepting the 'magic internet money' on the other side. In saying this, there's a lot of mixed signals with the short-term direction of Bitcoin and it's very hard to predict. Without further ado let's get right into it.
Looking at the 2-Day time frame of Bitcoin we can see that BTC is currently capitulating after coming down from the 1st top formed in April at ~$65,000. From here, Bitcoin blew through the $38-39k level of support and now that same level of support is acting as a level of resistance.
Looking at the weekly time frame, it really does seem like Bitcoin has bottomed out along the 28k level of support along with this long term uptrend formed at the start of the uptrend back during Thanksgiving 2020, right before the Bitcoin market started heating up.
I'm expecting bitcoin to hold this uptrend and slowly reverse back upwards. It is going to take some time to fully reverse and i'm not expecting anything even close to a major move up or down until the end of July (after Ethereum 'London' hard fork) going into the start of August. Around this time, Bitcoin can break out of this downtrend formed from the local high at ~$65,000 and eventually reverse to create newer highs and an eventual and inevitable 2nd top at the end of the year.
Take a look at my attached chart posted back in January explaining the logarithmic growth of Bitcoin. According to this chart and the S2F model, Bitcoin is still on track to hit those price targets and the bull run is not over. We just witnessed part 1 of the cycle, we still have a 2nd part to this cycle for us in store around the end of the year to look forward to.
As always please do your own research, I am not a financial advisor.
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