thatmartiniguy
Long

WILL BITCOIN BREAK $10,000? LET ME TELL YOU

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Starting off today with the daily chart this is the bigger picture, bitcoin still in this bull pennant looking like it heading for $12,000, RSI not even overbought yet so this is great news, bitcoin still in this steep upwards channel

zooming in on the daily chart we can see that the DAILY MACD tried to tick bearish but still the bulls are too strong, i do think we will test $10,000 on this run without a doubt but the big question is will 10k break or is BTC looking a little exhausted

onto the 4hr we can set ourselves more of a clear objective, the two red lines draw here show that bitcoins price range is narrowing, The MACD is bullish and the RSI is not yet oversold. if we break to the bottom side of this range i will be shorting that. To simplify this a little bit basically a break below 9350 would mean we would retest the 9100-9150 area, a break below that would trigger the 8950 area and a break below 8950 means kiss goodbye to bull market

in order for bitcoin to test 10k it needs to break the upper red line, now this target is also always rising currently we need to break the 9750-9800 level, if we do that in the next 12 hrs then expect a run to 10k shortly after

10k itself is not where i expect rejection, i actually expect us to pass through it fairly easily, it's the 10200-10400 level regardless of what happens i expect a heavy rejection to at least the upper red line (9700)

so now to look how bitcoin will do in the very near term future

starting with the 5m chart we can see that bitcoin has formed a mini bullflag, over the very short term it seems we will retest the bottom of this flag but nothing major, a break to the below side of this flag would mean there is trouble in paradise

to explain what i am looking for here i am looking for things that invalidate the bull theory, if you know what triggers mean this is over then you know when to pull out, a break to the downside of this penant would probably just cause the pennant to largen, i dont think it invalidates the theory but it does prolong it

you can see here that bitcoin RSI on the 15 m has a bullish divergence same goes for the MACD , this supports the theory we will break to the upside and test the top of the red trading range around 9760

the 30m chart also looks very bullish but be warned here as the 1hr chart has a contrasting opinion

the MACD on the 1hr chart is very much too high, the RSI was overbought, it is no longer and maintains its bullish divergence

overall i expect it to be a fairly neutral ride till bitcoin breaks to either side of each trading range.

my personal orders are i am long above 9800, short below 9600 tight stoplosses on both to avoid getting fucked up by a big wick. take profits in the short starting at 9500 in that eventuality i would set stoploss at entry but i really dont want to short this market, that is not wise yet. im mainly looking for longs, on break of the green trading range around 9700 there is a scalp to be had to 9800 where it is likely we will see rejection first time round

overall very much bullish sentiment, i will publish charts on trading view so you can keep up to date, the targets move with the support resistance levels so you kind of need to stay up to date on that regularly because if we trade sideways all day the targets for a break to the upside and a break to the downside go up by about 5$ an hour

as for me im sticking in my long positions, no plans to sell for a while yet, i would like to see us hit 12k before i consider selling, if we form a local top it will be at 12k

other than that not much else to say other than ditch your current exchanges and use bybit, here is my ref link 😉 https://www.bybit.com/app/register?affil...

or use duedex https://www.duedex.com/register?code=KYY...

duedex is very simple, they just added a really cool risk management tool

BTC pair on there only at the moment

*IF YOU WANT TO SEE THE WHOLE ANALYSIS INC CHARTS FOLLOW ME THEN DM ME ON INSTAGRAM TO JOIN MY TRADING GROUP (IT IS FREE) @themartiniguy*

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out