BitcoinLong
Tough to paint a more bullish picture than this
Huge bullish engulfing candle with follow-through on the next candle and now heading into a TD sequential 2 on the daily after settling back above the 10 simple and with the ALMA looking like it is about the break upwards through the 10 simple, plus stochs about to turn back upward while still way up in the bullish zone. REALLY hard to paint a more bullish picture.
See my previous two published ideas from earlier this week on how bullish it looked back at around 33K and how the head and shoulders everyone was talking about would likely not play out.
My final target for this current parabola (but not the bull trend as a whole) is the blue box area between 50 and 60K, although I think it also has potential to shoot well beyond 60k. We're also potentially forming a large ascending triangle that would break out some time around Jan. 25. In that case, the rejection at 40K (double top) will take price back down to around 37K.
That said, from a higher-time-frame perspective there is nothing bearish-looking at all about this and I'm a little concerned for all the people posting ideas to go short. I think there is a misconception about the way the market moves. Just because we've come up a lot doesn't mean it's time to short and price has to go back down. Likewise, in a bear market, just because price has come down a lot doesn't mean it has to start going back up and it's time to long. Always stick/trade with the trend until the trend clearly has reversed. In this case, you want to see a lower high formed on the WEEKLY chart. Only then is it time to start thinking about shorting.
See my previous two published ideas from earlier this week on how bullish it looked back at around 33K and how the head and shoulders everyone was talking about would likely not play out.
My final target for this current parabola (but not the bull trend as a whole) is the blue box area between 50 and 60K, although I think it also has potential to shoot well beyond 60k. We're also potentially forming a large ascending triangle that would break out some time around Jan. 25. In that case, the rejection at 40K (double top) will take price back down to around 37K.
That said, from a higher-time-frame perspective there is nothing bearish-looking at all about this and I'm a little concerned for all the people posting ideas to go short. I think there is a misconception about the way the market moves. Just because we've come up a lot doesn't mean it's time to short and price has to go back down. Likewise, in a bear market, just because price has come down a lot doesn't mean it has to start going back up and it's time to long. Always stick/trade with the trend until the trend clearly has reversed. In this case, you want to see a lower high formed on the WEEKLY chart. Only then is it time to start thinking about shorting.
Related publications
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.