No Breakout for Bitcoin Priced in EuroBTCUSD may have broken its 7 month resistance and is currently retesting it as support, but BTCEUR was precisely rejected at the trend.
Midcycle
BTCUSD to 85KINDEX:BTCUSD is looking ready for another big move up.
Currently we are squeezing into the tip of a steep ascending wedge of which we failed to break the top of for now.
But when we do, its gonna pump hard.
Damn these last few months have been exciting to trade!
We bounced hard of that macro line (blue), which belonged to a large descending wedge we broke out of (20-01-2023).
I consider that validation we weren't going down anymore...
That big pump, is an impulse of that validation, so expect 2 more waves up, straight back into the price area Bitcoin belongs in. (Macro red top line to Macro grey bottom line)
I've plotted some similar waves onto the chart from similar moves on INDEX:BTCUSD to get an estimation on how price could flow through time.
Have fun trading! Keep SAFU and remember to be patient.
Taking Profit on my Bitcoin TradeTraders,
While I have stated all along that Bitcoin could spike to as high as 55k, though 50-52k is more likely, my target of 48k has been reached and I am choosing to take my profits now. 48k is huge resistance and I will probably not trade again until future direction can be confirmed with a close above 48k and two more candles opening and closing above that same price. If that doesn’t happen, it means we should see a bit of a pullback here as hype and euphoria dies down.
Additionally, you can see we’ve also reached RSI resistance exactly when we touch 48k. This is very significant. Watch closely over the next few days. It should be interesting.
These 12 Indicators Give Us More Clues as to Bitcoin's Next MoveAttempting to keep my followers up to date on the next Bitcoin move(s). In this video, I want to cover a dozen or so indicators that are giving us clues about what might occur next with old Bitcoin.
Question?If we are in lengthening cycles even diminishing returns do you think this could be a correction due to the global markets or do you think its just hopium?
2013 v 2021 Mid Cycle Pullback2013 v 2021 cycle (2 week chart). Connecting the mid cycle tops on the RSI with a parallel channel shows our current RSI position at the same low as the 2013 mid cycle pullback. Stochastic RSI is also at a similar level.
Bitcoin mid shakeout like 2013I think we are in this situation like 2013 mid cycle shakeout. I expect a consolidation (weeks/months) and one more big move in upside
