Bitcoin has started its bull market in a very strong and steady manner, very different from the 2015 cycle. At first, this run-up seemed like a short squeeze but after looking at the on-chain volumes (provided by will woo), it seems that this leg up is actually back by legitimate buying.
If it is the case that we have started the bull run, the most probable...
A critical moment for btc here. Good shorting opportunity of the 9 on a 4hr timestamp to retest the bottom of the channel. After that, if we break out of the channel, the 4.8k price will be retested and eventually, the low of the year (3.1k) will also be retested. If price continues in the channel to the upside, I expect a 5.8k-6k retest, then back to lower lows.
Since Lyft went public it has had a straight up beating to its price. Still looking for lower prices. Looking for a retest of 67$ and then targeting the 45$ price level which would mean a 50% decrease of its initial price at offering.
Sentiment in the crypto markets is quite bullish at the moment. I still believe we have not seen the worst part of the bear market (even though I hope I'm wrong). Looking at 1.9k as a solid bottom for btc and it could even wick down to 1.3k as a final capitulation.
Been messing around with the pitchfork for a couple of days playing out different scenarios. It can be placed in many different ways making nice clear trends. Bitcoin trading is all about the speculation, technicals work amazingly well on these types of charts.
The analysis used to get to my conclusion on this chart is very basic. Trend analysis usually isn´t the best way to determine the end of market cycles, but historically speaking, bitcoin bubbles have been following these trends cycle after cycle. In this case, I´m speaking about the bearish trend. The trend starts at the peak of the bubble and is drawn down...
Just a bunch of random lines drawn by a 19-year-old who doesn´t know shit about trading, but does know that bitcoin will disrupt our current abusive economic system. Hope I can buy up at 1.3k. Fuck it
