Back in the support zone for BTC - this is where whales are buying up coins to re-enter the range. Will be looking for long positions around this zone. Any high volume downwards movements or a break below 30'000 should be seen as very risky. Looking for 41'000+ within the following weeks.
Furthermore, I see BTC.D falling further and continuing the longterm downwards trend - allowing alts to outperform BTC in future upwards movements (ETH/LTC/XMR). Stochastics and MA are all longterm still upwards, in conjunction with the future potentials of BTC I will continue to accumulate around these levels particularly in alts and HODL into the future.
Furthermore, I see BTC.D falling further and continuing the longterm downwards trend - allowing alts to outperform BTC in future upwards movements (ETH/LTC/XMR). Stochastics and MA are all longterm still upwards, in conjunction with the future potentials of BTC I will continue to accumulate around these levels particularly in alts and HODL into the future.
Note
Seem to have gotten a nice upwards movement with high volume that has broken the resistance trendline. This is a good identification of a pivot zone whereby we start a new short/medium term bullish trend. Longer term bullish trends will be confirmed upon breaking major resistances around 42'000... but this optimistic thinking is further down the road. Goodluck.LONG INITIATED: $31'450
TP (30%): $37'000 [remaining profits will either be HODL or sold gradually in chunks]
SL: $29'000
Note
As expected we are currently observing some resistance from the medium term downwards trendline. From this point I suspect we will encounter a short period of consolidation followed by an upwards impulse to break through the resistance - this should take us to around 36'500 before encountering more resistance and potentially a short term retreat.Furthermore, as anticipated BTC.D is beginning to fall - this movement alongside a riing BTC price indicated a net flow of bulls into altcoins. Take note of this if we enter the next longterrm bullrun. The correlation between these two tickers is essential to undertand if you are inveted in altcoins.
If we observe a strong rejection from the resistance line this should be taken very cautiously - could see 30-31'000 levels again. Goodluck all.
Note
Strong breakthrough of the downrend resistance line has occured. It cound continue upto 37'000 but around this area I believe bitcoin will enter another short consolidaition period (range between 35-37k) before continuing upwards will the bullish price action to our final targets above 40'000.Note
The long term upwards trend acted as a resistance, the price has since rebounded off this and will likely consolidationg around this area, we could potentially even go to levels as low as 34'500 before the next main impulse upwards.Note
34'500 has been hit. If you are currently not in the movement this should be the optimum zone when looking for potential long entries.We could continue further down, I suspect if we hit the downwards trendline we should see an upwards impulse as it acts as support. This will be a very bullish indicator of a market reversal. Any breakdowns through this should be considered bearish and some profits will be taken. Be caututios below 34'000 as this is quite a major support.
Goodluck!
Trade closed: target reached
39k was hit today after amazon news, TP triggered resulting in 30% gains. Will be looking to continue accumulating BTC and holding far into the future from this point as I see much more upwards potential in bitcoin and the crypto sphere!
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.
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.