BitcoinLong
According to the 2-day, this is a perfect long entry point
Massive and perfectly shaped ascending triangle in huge uptrend. Green 2 starting after bullish engulfing green 1. ALMA curving upwards again. It's perfect. Other time frames certainly paint more bearish pictures, though. The 1-day is still a potential head and shoulders, for example, and we are sitting at a macro resistance level with the weekly way overbought on the RSI. Just depends on which time frame you are looking at and which lines and shapes you are choosing to draw. TA is always 50-50. Makes it useless, pretty much. But it's still fun.
On the fundamental side, we have:
BULLISH:
COVID cases still going up - if you look at the COVID case chart for the US and the bitcoin chart since March, they are eerily similar, and COVID cases will very likely keep surging through the end of Jan. (ie, until a fairly large portion of the most highly exposed and at-risk US population is vaccinated).
US dollar at two-year low and potentially about to drop much further (BTC still inversely correlated)
BEARISH:
Greed, on fear & greed index, at all-time high and due for a correction
Potential Mt. Gox FUD
CME gap at 18,000
Happy trading and good luck!
On the fundamental side, we have:
BULLISH:
COVID cases still going up - if you look at the COVID case chart for the US and the bitcoin chart since March, they are eerily similar, and COVID cases will very likely keep surging through the end of Jan. (ie, until a fairly large portion of the most highly exposed and at-risk US population is vaccinated).
US dollar at two-year low and potentially about to drop much further (BTC still inversely correlated)
BEARISH:
Greed, on fear & greed index, at all-time high and due for a correction
Potential Mt. Gox FUD
CME gap at 18,000
Happy trading and good luck!
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