BTC - Bull Mode Re-Engaged? Short Term Projection + Theory!
Updated
So BTC broke out of it's triangle the other day, in the upwardly direction. I hope everyone made lots of money and spends it on their family, or if you don't have family, your cat. Let's be honest, you probably have cat.
With stimulus news from the states proving to be quite optimistic the last few days, markets across board have been rebounding. We're seeing our first stop to the action in a couple of days, is this going to be a big reversal, or just another stop on the way up?
Indicators are looking pretty promising:
MACD In a decently strong position but the posting of the first pale green bar in a while is troubling for short term movement up. Point to a potential reversal, if only momentary.
STOCH In overbought territory with it's first bear cross showing up today in quite some time. Again pointing to a momentary reversal.
Volume Steadily growing as the bull trend has been strengthening. This can be seen as confirmation that upward trajectory will likely continue. Notice the slight drop on today's sell as well. Bears weaker than bulls.
EMA above all notable EMA's. Above the faded yellow EMA 50 things are quite bullish. If we see a reversal down I'd expect it to bounce of this if the bullish sentiment is real. If it crashes past EMA 50 it could be seen as evidence the bull trend is not really that strong.
OVERALL:
Expect more growth in the mid term. The relatively steady movement up, and the short term bear indicators point to a short term reversal. as stated above, if we're bullish it'll bounce of EMA 50 and continue upwards. Really bullish and it may never reach EMA 50 at all.
I don't think it's quite at the taking off to the moon point yet; I would expect us to face a decent level of market uncertainty across the board until after the election. Though market sentiment for BTC appears to be growing more and more as news of massive institutional investments are beginning to bleed through to the main stream news. Post election, I predict things will get very very interesting.
Bit of a side theory... This year we've seen an incredible number of exchanges vanish off the face of the earth. Either by government regulation, criminal charges, or in some cases apparently literally vanishing off the face of the earth. We've seen a push across the board for heightened restrictions and regulations.
What if some of these giant institutional investments are for the purpose of starting a centralized, regulated exchange for cryptocurrency? The biggest player in the exchange game right now would be Binance, and if you compare their resources with some of the contemporary financial exchanges they are laughably ramshackle by comparison. We've also seen Binance have it's own issues when servicing clients in the United States.
Just a theory, but if all the big fish of the financial world are coming to crypto to play, I don't imagine they will settle for using the services we've grown to depend on.
--
“Everything in the world is about sex except sex. Sex is about power.” - Oscar Wilde
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
With stimulus news from the states proving to be quite optimistic the last few days, markets across board have been rebounding. We're seeing our first stop to the action in a couple of days, is this going to be a big reversal, or just another stop on the way up?
Indicators are looking pretty promising:
MACD In a decently strong position but the posting of the first pale green bar in a while is troubling for short term movement up. Point to a potential reversal, if only momentary.
STOCH In overbought territory with it's first bear cross showing up today in quite some time. Again pointing to a momentary reversal.
Volume Steadily growing as the bull trend has been strengthening. This can be seen as confirmation that upward trajectory will likely continue. Notice the slight drop on today's sell as well. Bears weaker than bulls.
EMA above all notable EMA's. Above the faded yellow EMA 50 things are quite bullish. If we see a reversal down I'd expect it to bounce of this if the bullish sentiment is real. If it crashes past EMA 50 it could be seen as evidence the bull trend is not really that strong.
OVERALL:
Expect more growth in the mid term. The relatively steady movement up, and the short term bear indicators point to a short term reversal. as stated above, if we're bullish it'll bounce of EMA 50 and continue upwards. Really bullish and it may never reach EMA 50 at all.
I don't think it's quite at the taking off to the moon point yet; I would expect us to face a decent level of market uncertainty across the board until after the election. Though market sentiment for BTC appears to be growing more and more as news of massive institutional investments are beginning to bleed through to the main stream news. Post election, I predict things will get very very interesting.
Bit of a side theory... This year we've seen an incredible number of exchanges vanish off the face of the earth. Either by government regulation, criminal charges, or in some cases apparently literally vanishing off the face of the earth. We've seen a push across the board for heightened restrictions and regulations.
What if some of these giant institutional investments are for the purpose of starting a centralized, regulated exchange for cryptocurrency? The biggest player in the exchange game right now would be Binance, and if you compare their resources with some of the contemporary financial exchanges they are laughably ramshackle by comparison. We've also seen Binance have it's own issues when servicing clients in the United States.
Just a theory, but if all the big fish of the financial world are coming to crypto to play, I don't imagine they will settle for using the services we've grown to depend on.
--
“Everything in the world is about sex except sex. Sex is about power.” - Oscar Wilde
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Note
Target hit :)
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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