I have been feeling bullish for a while now, and there are a lot of false signals out there, but after bitcoin cash popped, I felt something was different. So, I have been on the bear train for a while now, and I have been saying I'm pretty bullish a person, so here is my bullish take on bitcoin right now. Because this is going to be a change in market direction, I will do my best to support my argument. Anyone is also welcome to shoot me down, I would appreciate counter claims.
Crypto Space Summary: Currently, there are a lot of daily divergences in the crypto space, I do believe that coins/tokens/etc, will be popping off at different times in the market, so its possible to make a lot of compound gains. Keep an eye out for good set-ups.
You can see there are a similar pattern in the April price jump. The similarity is more apparent when you compare against the 4 hour time frame.
Bitcoin Analysis:
So we all know that bitcoin likes to put on a show, and I think that's what we might get here. I am about 60% bullish and 40% bearish at the moment, and I am only bearish because its still possible that bitcoin breaks out in a downwards direction and I am pulling this pattern out of my ass.
Main Points:
1.) First, I would like to mention that the RSI, is showing a symmetrical triangle, so it is possible that bitcoin moves in either direction. In addition, I would like to mention that the lower bound is trending higher (that's half of what makes it a symmetrical triangle by definition) however, the price of bitcoin more or less is at roughly the same spot, other than a small arch, so although this is not technically a bullish divergence, I think that there is something odd happening with the price in relation to the RSI. In essence what I am saying is that the RSI is forming a symmetrical triangle, and the charts are forming a type of descending triangle with virtually the same low, this means that the top of the triangle on the RSI is providing resistance, so, I suspect we will break it. Looking at the weekly RSI, there are several failure swings, because of how the RSI is calculated using the closing price, as opposed to the lowest points. Because the closing price is lower on each weekly bottom, but the RSI move slightly higher. I know its really small, but its there.
2.) This triangle has weird mix between a flat bottom, and a rounded one. On the weekly, the bottom of the real bodies have more a flat bottom; however, on the daily, the real bodies form a flatter bottom towards the center of the arch and then it begins to slowly trend upwards. While at the right end (currently) it looks like a type of tower bottom, in which candle sticks at the lower price point are declining in size emphasizing a possible shift in market dominance and the selling is weakening, so it appears that there could be a large spike.
3.) This could be a type of double bottom, known as an eve and eve double bottom, in which both bottoms are slightly rounded, and the second bottom has less volume than the first one. IF this is the case as well, then the analysis would be similar and the price objective of both of them would be around 8000 and if it does break upwards, then I see 10000 as a strong possibility.
Trade Smart, Hedge Risk, and Make some money you guys!
IF it doesn't break the trendline, my previous bearish analysis still holds, and we are in a prolongs bear flag:
Crypto Space Summary: Currently, there are a lot of daily divergences in the crypto space, I do believe that coins/tokens/etc, will be popping off at different times in the market, so its possible to make a lot of compound gains. Keep an eye out for good set-ups.
You can see there are a similar pattern in the April price jump. The similarity is more apparent when you compare against the 4 hour time frame.
Bitcoin Analysis:
So we all know that bitcoin likes to put on a show, and I think that's what we might get here. I am about 60% bullish and 40% bearish at the moment, and I am only bearish because its still possible that bitcoin breaks out in a downwards direction and I am pulling this pattern out of my ass.
Main Points:
1.) First, I would like to mention that the RSI, is showing a symmetrical triangle, so it is possible that bitcoin moves in either direction. In addition, I would like to mention that the lower bound is trending higher (that's half of what makes it a symmetrical triangle by definition) however, the price of bitcoin more or less is at roughly the same spot, other than a small arch, so although this is not technically a bullish divergence, I think that there is something odd happening with the price in relation to the RSI. In essence what I am saying is that the RSI is forming a symmetrical triangle, and the charts are forming a type of descending triangle with virtually the same low, this means that the top of the triangle on the RSI is providing resistance, so, I suspect we will break it. Looking at the weekly RSI, there are several failure swings, because of how the RSI is calculated using the closing price, as opposed to the lowest points. Because the closing price is lower on each weekly bottom, but the RSI move slightly higher. I know its really small, but its there.
2.) This triangle has weird mix between a flat bottom, and a rounded one. On the weekly, the bottom of the real bodies have more a flat bottom; however, on the daily, the real bodies form a flatter bottom towards the center of the arch and then it begins to slowly trend upwards. While at the right end (currently) it looks like a type of tower bottom, in which candle sticks at the lower price point are declining in size emphasizing a possible shift in market dominance and the selling is weakening, so it appears that there could be a large spike.
3.) This could be a type of double bottom, known as an eve and eve double bottom, in which both bottoms are slightly rounded, and the second bottom has less volume than the first one. IF this is the case as well, then the analysis would be similar and the price objective of both of them would be around 8000 and if it does break upwards, then I see 10000 as a strong possibility.
Trade Smart, Hedge Risk, and Make some money you guys!
IF it doesn't break the trendline, my previous bearish analysis still holds, and we are in a prolongs bear flag:
