BitcoinLong
Why this time things might be different for BTC
Updated
Hello,
Looking at the bigger picture, Bitcoin is very close o confirming one huge achievement: exiting the enormous descending triangle it had entered 2017. I think if the breakout gets confirmed on the weekly timeframe, the other two patterns I have on the chart might have a chance to play out:
1) V-shape bottom, with a target close to 16k
2) Descending broadening wedge pattern, with a target close to 18.6k. I observe that no one is talking about this pattern. I just spotted it. What's interesting about this scenario is that the possibility to touch 3,8k price was there all the time and COVID-19 was only the spark(the story that the big players needed). Jesus, only if I could've spotted this in February! :) This pattern also implies that if BTC doesn't continue its rise, and will reenter the broadening wedge, the price can hit 2k, near the lower part of the broadening wedge. An unlikely scenario, if you ask me.
Can we fall from 9.9k(where we are at this moment)? Absolutely! But I think we are getting more and more close to entering a bull market. Will it be this year? Will it the next year? I don't know. :)
Good luck with your trades!
Sisif
Looking at the bigger picture, Bitcoin is very close o confirming one huge achievement: exiting the enormous descending triangle it had entered 2017. I think if the breakout gets confirmed on the weekly timeframe, the other two patterns I have on the chart might have a chance to play out:
1) V-shape bottom, with a target close to 16k
2) Descending broadening wedge pattern, with a target close to 18.6k. I observe that no one is talking about this pattern. I just spotted it. What's interesting about this scenario is that the possibility to touch 3,8k price was there all the time and COVID-19 was only the spark(the story that the big players needed). Jesus, only if I could've spotted this in February! :) This pattern also implies that if BTC doesn't continue its rise, and will reenter the broadening wedge, the price can hit 2k, near the lower part of the broadening wedge. An unlikely scenario, if you ask me.
Can we fall from 9.9k(where we are at this moment)? Absolutely! But I think we are getting more and more close to entering a bull market. Will it be this year? Will it the next year? I don't know. :)
Good luck with your trades!
Sisif
Note
Both patterns will need weeks/months to develop, if there is a chance for them to get confirmed.At the moment BTC is struggling to choose a path(to be or not to be over 10K).
Have patience and don't forget to use stop-loss orders just in case!
Sisif
Note
Hi, everybody! We are getting close :).I really think that this time things we'll be different.
This idea aged well so far, in my opinion. What's your opinion?
We'll wait like a cobra in the grass for the 16-18k target.
Good luck!
Sisif
Trade closed: target reached
Hello!The first target has been reached. I will close the current position because I expect there to be a correction that could lead to at least 13k. I hope you had the patience to hold BTC up to this price. Good luck to everyone!
Sisif
Note
Price reached both targets. Enjoy your profits!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.