New Bitcoin Analysis In Bubble Cycle
My last prediction on the stage we were inside a bubble cycle was proved wrong once Bitcoin had it's current rally. Although it's very likely Bitcoin drops back to 6800ish maybe since it's obvious the rising wedge is getting weaker with decreasing volume; the big picture is that as long as Bitcoin prints a solid "higher low" than $5900 (maybe in the $6100-6300ish range) then more and more things are lining up that we are at the U bottom stage.
1. High amount of shorts.
2. Weekly MACD crossed.
3. One small rally followed by a "I told you so" stage when it falls back down followed by dis-belief when it slowly keeps going up and up and up.
Factors that make me weary we should still hit $5100:
1. Volume. Ideally; I wanted to see a high spiked volume bar of any color in the last capitulation causing the last V bottom.. then recovery and then starting the first stages of the U bottom.
2. Accumulation from big smart money. There's price action in various ranges where you can see some big guys loaded up. But was it enough?
If indeed we are in the U bottom stage; one should not trade.. swing trading is risky. It's time to play the long-term 6-month minimum hold game. Just like the big smart money; you buy (accumulate) and hold until the distribution time at the top. Trading inside this zone in my opinion would be too stressful lol.
1. High amount of shorts.
2. Weekly MACD crossed.
3. One small rally followed by a "I told you so" stage when it falls back down followed by dis-belief when it slowly keeps going up and up and up.
Factors that make me weary we should still hit $5100:
1. Volume. Ideally; I wanted to see a high spiked volume bar of any color in the last capitulation causing the last V bottom.. then recovery and then starting the first stages of the U bottom.
2. Accumulation from big smart money. There's price action in various ranges where you can see some big guys loaded up. But was it enough?
If indeed we are in the U bottom stage; one should not trade.. swing trading is risky. It's time to play the long-term 6-month minimum hold game. Just like the big smart money; you buy (accumulate) and hold until the distribution time at the top. Trading inside this zone in my opinion would be too stressful lol.
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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.