BitcoinLong
Theory: Bitcoin to 41,937 above 31600?
This theory is based on trend projection and includes variables surrounding Bitcoin right now such as the halvening, liquidity, volume, and momentum. It IS just a theory and this chart should be used more for placing entrys and exits than actual expected performance.
For this theory to be valid, all points need to be full filled and price movement will likely fluctuate in and out of its direct path, but should use these trends as a "Moving Average" of sorts.
When multiple trends collide, there is generally a pull toward their direction, whether it be up or down.
When multiple areas of support collide and coincide with price action, generally you will see a breakout of sorts to the upside and visa versa.
Some of my price points that are above all time highs are targeted based on long term trends and short term trends colliding.
Volume, like with any trade, is important to watch as confirmation for these projections.
If we are moving to areas of resistance with increasing volume, i would tend to lean bullish toward continuation to the upside.
For this chart specifically id like to see a continuation above the blue trend until we have gained support above 31,600
Currently the teal channel is our top, and trading is so far continuing inside of it.
If we break below that channel i would watch the purple trends for a support and some of the yellow price points ive outlined.
If we are still trading on this blue trend coming into 31,600 id expect pressure to the upside from short squeezes and triggered buys.
28050 i believe was my stop loss before, but you could move it up to one of the yellow price points for security.
The thin orange trends are long term trends and we see a few different areas that they coincide with some shorter trends weve been trading in.
35456 would be one target, and on the higher end of the projection spectrum we have 41,937
This is a pretty bullish theory, and without proper volume, i set an alternate area we might see this type of price action.
If we start trending downward, refer to my last chart for some more price points to weatch, 29556 i believe was one of them, 29142, 28,6 28,3 etc
I believe the time frame for initial projections will be end of January early February
For this theory to be valid, all points need to be full filled and price movement will likely fluctuate in and out of its direct path, but should use these trends as a "Moving Average" of sorts.
When multiple trends collide, there is generally a pull toward their direction, whether it be up or down.
When multiple areas of support collide and coincide with price action, generally you will see a breakout of sorts to the upside and visa versa.
Some of my price points that are above all time highs are targeted based on long term trends and short term trends colliding.
Volume, like with any trade, is important to watch as confirmation for these projections.
If we are moving to areas of resistance with increasing volume, i would tend to lean bullish toward continuation to the upside.
For this chart specifically id like to see a continuation above the blue trend until we have gained support above 31,600
Currently the teal channel is our top, and trading is so far continuing inside of it.
If we break below that channel i would watch the purple trends for a support and some of the yellow price points ive outlined.
If we are still trading on this blue trend coming into 31,600 id expect pressure to the upside from short squeezes and triggered buys.
28050 i believe was my stop loss before, but you could move it up to one of the yellow price points for security.
The thin orange trends are long term trends and we see a few different areas that they coincide with some shorter trends weve been trading in.
35456 would be one target, and on the higher end of the projection spectrum we have 41,937
This is a pretty bullish theory, and without proper volume, i set an alternate area we might see this type of price action.
If we start trending downward, refer to my last chart for some more price points to weatch, 29556 i believe was one of them, 29142, 28,6 28,3 etc
I believe the time frame for initial projections will be end of January early February
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