Long Term Bitcoin Weekly UPDATE - Looking to August September
#Bitcoin Weekly - long Term Chart
Over all, PA is still in a Pattern and that pattern is different depending on what type of chart you are looking at. But they are nearly all Bullish.
But, for the moment, it seems we drop a little further. And on this chart, we can see that the 59K USDT line on Long Term Support maybe the bottom of this. That would retest support on a line that has existed since Sep 2017 - IT is Strong
I will also draw your attention to the 2 Fib Circles in the area we have recently passed through, the RED 7.236 Stopped the Rise of PA in its tracks in March this year and the 7,618 has just done the same.
https://www.tradingview.com/x/JO5MEqft/
The next one is at the end of September and is the 8.236. That also is the Apex of the pennant being created on this chart.
The other Image here is the MACD and RSI and the projected continued drop of the MACD
reaches Neutral in Mid September.
https://www.tradingview.com/x/YXM0On5n/
RSI is already approaching Neutral.
SO, For me, on a longer term View, we are going to see PA with a Lot of strength around Mid August / Sep and this is possibly what the Bulls are waiting for.
With RSI and MACD down low, PA will have more ability to punch through that 8,236 Circle and also get through the descending trend line.
For now, Caution remains the name of the game, even more so as we see the Mayer Multiple drop below its MA.
https://www.tradingview.com/x/YRVz0dYM/
I remain Bullish but if we loose 59K, that could be awkward.
PA will likley rise off support and probably get rejected again...So many charts point towards August / September being when we move and it is important that we understand, this can happen earlier but if it does, PA will be weaker.
We Wait till August before I start getting excited, which is great, thats after my holiday ;- )
Over all, PA is still in a Pattern and that pattern is different depending on what type of chart you are looking at. But they are nearly all Bullish.
But, for the moment, it seems we drop a little further. And on this chart, we can see that the 59K USDT line on Long Term Support maybe the bottom of this. That would retest support on a line that has existed since Sep 2017 - IT is Strong
I will also draw your attention to the 2 Fib Circles in the area we have recently passed through, the RED 7.236 Stopped the Rise of PA in its tracks in March this year and the 7,618 has just done the same.
https://www.tradingview.com/x/JO5MEqft/
The next one is at the end of September and is the 8.236. That also is the Apex of the pennant being created on this chart.
The other Image here is the MACD and RSI and the projected continued drop of the MACD
reaches Neutral in Mid September.
https://www.tradingview.com/x/YXM0On5n/
RSI is already approaching Neutral.
SO, For me, on a longer term View, we are going to see PA with a Lot of strength around Mid August / Sep and this is possibly what the Bulls are waiting for.
With RSI and MACD down low, PA will have more ability to punch through that 8,236 Circle and also get through the descending trend line.
For now, Caution remains the name of the game, even more so as we see the Mayer Multiple drop below its MA.
https://www.tradingview.com/x/YRVz0dYM/
I remain Bullish but if we loose 59K, that could be awkward.
PA will likley rise off support and probably get rejected again...So many charts point towards August / September being when we move and it is important that we understand, this can happen earlier but if it does, PA will be weaker.
We Wait till August before I start getting excited, which is great, thats after my holiday ;- )
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