Bitcoin is ready for a +50% pump
Welcome!
I´ll keep this short but sweet, if you want full explanation on why I think we are ready for a big rally visit my Twitter, where I shit post a couple of times per day.
twitter.com/mansasuma
With that being said, key points:
1. underlying market dynamics
- sentiment is universally bearish, everyone and their pet goldfish wants to short this thing, what does the market do? Well, usually it wipes them out of course
- bitmex funding is negative, shorts are paying to hold their positions while PA is going sideways to up - from an economic standpoint this is irrational and will sooner or later result in shorts covering their positions
2. price action
- we are moving inside a descending channel, which is a bullish structure that typically breaks to the upside
- daily stochs are about to cross up and, more importantly, likely break the trendline
- my moving averages are in a bullish posturing
- there is plenty of reasons on why I think this is going up but, like I said, if you want more just visit my Twitter, I only do the basics here since I´m a lazy bum
Price targets?
- I feel very strongly that we will test at least the 200MA (55% probability)
- a measured move of the descending triangle puts us at 11.3k-ish region (30% probability)
- the third target is actually mind-blowing and while TA shows a way to reach it I give it a very low probability and won´t mention it just yet
Do remember though, overall we are in a downtrend and every pump is by default a "sell the rally" until proven otherwise.
Take care.
I´ll keep this short but sweet, if you want full explanation on why I think we are ready for a big rally visit my Twitter, where I shit post a couple of times per day.
twitter.com/mansasuma
With that being said, key points:
1. underlying market dynamics
- sentiment is universally bearish, everyone and their pet goldfish wants to short this thing, what does the market do? Well, usually it wipes them out of course
- bitmex funding is negative, shorts are paying to hold their positions while PA is going sideways to up - from an economic standpoint this is irrational and will sooner or later result in shorts covering their positions
2. price action
- we are moving inside a descending channel, which is a bullish structure that typically breaks to the upside
- daily stochs are about to cross up and, more importantly, likely break the trendline
- my moving averages are in a bullish posturing
- there is plenty of reasons on why I think this is going up but, like I said, if you want more just visit my Twitter, I only do the basics here since I´m a lazy bum
Price targets?
- I feel very strongly that we will test at least the 200MA (55% probability)
- a measured move of the descending triangle puts us at 11.3k-ish region (30% probability)
- the third target is actually mind-blowing and while TA shows a way to reach it I give it a very low probability and won´t mention it just yet
Do remember though, overall we are in a downtrend and every pump is by default a "sell the rally" until proven otherwise.
Take care.
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.