Bitcoin: The Playbook. Leading into the New Year.
I see that bitcoin is providing ample frustration for the vast majority, as per the usual.
On the 4hr chart we have a massive inverse H&S being built. It is still early as we are topping on the first shoulder.
44k range is going to be the bottom, for awhile at least.
We have that beautiful pink uptrend line which we will retest on the daily. Also the bottom of the broadening wedge and retest of the breakout of the descending blue line.
Sorry for the mess btw, I've got to neaten up my charts again especially bitcoin. I like having all the lines visible usually as I can see how btc reacts to each resistance/support.
Going to spend lots of time learning new things now that I've got the Pro version and lots of time on my hands.
I would have been more bearish on bitcoin the entire way down but my 72k target was not hit. Should have paid more attention to the exact 69k high and also not adopted the thesis of the masses that alts would run hard as soon as btc topped. That was an expensive lesson.
Sentiment is leaning toward fear now, which despite my belief that we are destined to break below 30k again at some point has me (very hesitantly) flipping bullish.. for now. Market maker will mess with all of us until we can't take it anymore so, think on the meta level. Think like the market maker.
Also to add to the bullish thesis is new moon phase, large green previous weekly candle, physical-backed btc etf due date in early January, a right shoulder on potential massive H&S pattern which has not been properly filled out and is ready to get cancelled, S&P is printing new highs despite.. well.. everything and DXY is looking toppy - close to major resistance and could come back down for more energy to about 92.5 or so before the final wave 5 push past the .618 at 97.7.
Due to all these factors I'm bullish; although the volume drop off and bearish divergences are atrocious, after etf news date we could sell off, Chinese new year is in the beginning of February and make no mistake, we absolutely will tag 21-26k at some point.
But... in the meantime I'm targeting 53k, 59k, 63k and ultimately 72k.
Wouldn't that be insane if btc tagged 72k some time in March and then 21-26k by August.
Keep in mind this is my bullish thesis and I will lean bearish again at a moment's notice if any part of this thesis does not follow through.
Oh... and hello again everyone. I'm back.
Thoughts, comments and information welcome down below.
On the 4hr chart we have a massive inverse H&S being built. It is still early as we are topping on the first shoulder.
44k range is going to be the bottom, for awhile at least.
We have that beautiful pink uptrend line which we will retest on the daily. Also the bottom of the broadening wedge and retest of the breakout of the descending blue line.
Sorry for the mess btw, I've got to neaten up my charts again especially bitcoin. I like having all the lines visible usually as I can see how btc reacts to each resistance/support.
Going to spend lots of time learning new things now that I've got the Pro version and lots of time on my hands.
I would have been more bearish on bitcoin the entire way down but my 72k target was not hit. Should have paid more attention to the exact 69k high and also not adopted the thesis of the masses that alts would run hard as soon as btc topped. That was an expensive lesson.
Sentiment is leaning toward fear now, which despite my belief that we are destined to break below 30k again at some point has me (very hesitantly) flipping bullish.. for now. Market maker will mess with all of us until we can't take it anymore so, think on the meta level. Think like the market maker.
Also to add to the bullish thesis is new moon phase, large green previous weekly candle, physical-backed btc etf due date in early January, a right shoulder on potential massive H&S pattern which has not been properly filled out and is ready to get cancelled, S&P is printing new highs despite.. well.. everything and DXY is looking toppy - close to major resistance and could come back down for more energy to about 92.5 or so before the final wave 5 push past the .618 at 97.7.
Due to all these factors I'm bullish; although the volume drop off and bearish divergences are atrocious, after etf news date we could sell off, Chinese new year is in the beginning of February and make no mistake, we absolutely will tag 21-26k at some point.
But... in the meantime I'm targeting 53k, 59k, 63k and ultimately 72k.
Wouldn't that be insane if btc tagged 72k some time in March and then 21-26k by August.
Keep in mind this is my bullish thesis and I will lean bearish again at a moment's notice if any part of this thesis does not follow through.
Oh... and hello again everyone. I'm back.
Thoughts, comments and information welcome down below.
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