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Microstrategy

#Bitcoin: Still showing bullish signs, with strong news week.After Bitcoins crazy run up from 30,000-58,000 we saw an almost $10,000 retracement with many traders reacting in panic. But is the run really over? I doubt it. __________________________________________________________________________________________________ Below i am going to explain some basic reasons why I think we are going upwards from here: 1. Institutional Interest Many "High Profile" buyers are still interested and purchasing BItcoin such as Square, Microstrategy & Grayscale Investments. 2. Bullish Pattern The Falling Wedge is a strong Bullish Reversal Pattern that may give us a good sign buyers are now in control of this market again. 3. Similar Price Action The current Falling Wedge & Price Action is quite similar to that of $33,000 area, we had a Falling Wedge, aswell as institutional buyers towards the bottom of the pattern. Just like we are currently, as marked on the Falling Wedge forming from $58,000. __________________________________________________________________________________________________ 1. Institutional Interest Below I am listing current news which I think is definitely supporting the idea that the Buyers are in control: The news is flowing HEAVY around Bitcoin and quite positive! The big guys are interested, and everyone is trying to get a piece of the pie now. The Demand outweighs the Supply. Microstrategy Purchases more Bitcoin: twitter.com JP Morgan recommends 1% in Bitcoin: techstory.in Goldman Sachs opens Bitcoin trading again: markets.businessinsider.com Twitter Announces $1.25 Billion Convetible Notes Offering (Founder is a fan of Bitcoin, and Microstrategy had a similar offering to generate capital to purchase more Bitcoin: apnews.com Square payments buys more Bitcoin: www.cnbc.com Cititbank states Bitcoin could become the currency of Global Trade: www.theblockcrypto.com __________________________________________________________________________________________________ 2. Falling Wedge Pattern & Similarities in Price Action In this pattern price swings 5 times between two converging trendlines while falling to form a “Wedge", this a potential sign the buyers are slowly taking control and we see a "breakout" to confirm this" Works extremely well with Bulllish Divergence and the pattern has a high sucess rate. It often sweeps the lows at A before breaking out and this is the ideal entry point followed by the bullish retest (B). Target is the top area of the pattern. Pattern tends to break out when around 60% complete and commonly off the 0.78 fibonacci level. In the below images you can see the similarities between late January & Now. In January we had the Falling Wedge Pattern with a Tesla purchase, and now we have a similar pattern with a few other big names purchasing (Microstrategy, Square). First example of the Falling Wedge (Note how Elon Musk purchased around the Bottom of this Pattern before the upwards move began): Here we can see how once we had the breakout we had a strong upmove: Here we can see a comparison of the current pattern: __________________________________________________________________________________________________ 3. Conclusion The most important thing to consider when investing and trading Bitcoin is the Fundamentals & Supply & Demand.. currently there is a huge Demand still for buyers of the Cryptocurrency as you can see from the above articles (they are all recent) and the potential signs on the chart as well the buyers are regaining control.. The use case for Bitcoin grows strong with the FED still printing and seeing more and more big names getting behind it every week. These factors alone give us a high probability of a sustained upwards movement from here.
Long
by Worth_The_Ri5k
7