BITCOIN: Long Term Update (Bearish and Bullish Scenarios)!
Bitcoin has rallied over 40%, and with that in mind, the market sentiment has turned extremely bullish . While that may be true, we should know by now that markets also do not move in straight lines. We must now remove all emotions from the market and focus back on the technicals, short term, mid term, and long term. Here, we will focus on the long term analysis, which is probably worth of doing an update due to the major rally we had in a short amount of time.
Bullish Idea:
1. Bitcoin must protect the 200MA on the daily, which is very important for the bulls confidence. If this support holds, we are most likely going to see a continuation
2. Stay above EMA ribbon support. We blew straight back up above the EMA ribbon, which is considered another possible bullish confirmation.
3. Huge Volume daily candle is also extremely bullish, but can this be enough to show that the bulls are in control? We
4. Potential giant bull flag. This is actually something that interests us the most. On a scaled image, the bull flag looks extremely tempting to take a long in this regions, regardless of the price. Any price in the bulls flag is still technically a bottom buy for the next move up.
Bearish Idea:
1. Bitcoin must break the 200MA once again, for good. This will resume probably a long term bear market for the rest of the year, onto early 2020. We have seen a previous failure after a blowoff top back in 2018, so this can't be ruled out completely.
2. Another factor would be for a retest back in the $8,600 range for another test for the bears. We must take it step by step, as we cannot see too far out for a bearish analysis.
What would we like to see, personally?
CONSOLIDATION. Consolidation is so important for Bitcoin, as it will alleviate all bulls and bears together for one massive rally. For long term, we are still extremely bullish for Bitcoin!
Bullish Idea:
1. Bitcoin must protect the 200MA on the daily, which is very important for the bulls confidence. If this support holds, we are most likely going to see a continuation
2. Stay above EMA ribbon support. We blew straight back up above the EMA ribbon, which is considered another possible bullish confirmation.
3. Huge Volume daily candle is also extremely bullish, but can this be enough to show that the bulls are in control? We
4. Potential giant bull flag. This is actually something that interests us the most. On a scaled image, the bull flag looks extremely tempting to take a long in this regions, regardless of the price. Any price in the bulls flag is still technically a bottom buy for the next move up.
Bearish Idea:
1. Bitcoin must break the 200MA once again, for good. This will resume probably a long term bear market for the rest of the year, onto early 2020. We have seen a previous failure after a blowoff top back in 2018, so this can't be ruled out completely.
2. Another factor would be for a retest back in the $8,600 range for another test for the bears. We must take it step by step, as we cannot see too far out for a bearish analysis.
What would we like to see, personally?
CONSOLIDATION. Consolidation is so important for Bitcoin, as it will alleviate all bulls and bears together for one massive rally. For long term, we are still extremely bullish for Bitcoin!
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