This is the bullish scenario long term with BTC. I will be breaking the chart down through bullet points so that it is easy to understand.
Note: This is a bullish long term scenario, I will link the long term bearish scenario below. This is strictly based on technical analysis and any catalyst like approval of ETFs could alter the course of this T/A.
Commentary: As you can see below from below on the bearish long term chart, patterns and technical analysis can be somewhat subjective. Depending on how you draw your trend lines, it can easily alter the state of your T/A which is why I did two long term projections.
- Pattern shows what looks to be a falling wedge. This is a bullish signal signalling a potential reversal.
- Lows are getting higher on the 4 month bottom trend line. As you can see by the mini trend line, we've been on a bullish movement for the past months.
- Ichimoku Indicator is showing a potential point of entry in the mid term. Tekan Sen line is moving up and closing the distance towards the Kijun Sen line. The last time they closed and signaled an entry, bitcoin rose to upper 8400s.
- Critical supports are 6100 followed by 5800 however if the candle prints above 6450 on the daily, it could mean that 6400 is now another critical support and not just an intermediate support.
Link to BTC Bearish Long Term Scenario:
Trading View Disclaimer:
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
Note: This is a bullish long term scenario, I will link the long term bearish scenario below. This is strictly based on technical analysis and any catalyst like approval of ETFs could alter the course of this T/A.
Commentary: As you can see below from below on the bearish long term chart, patterns and technical analysis can be somewhat subjective. Depending on how you draw your trend lines, it can easily alter the state of your T/A which is why I did two long term projections.
- Pattern shows what looks to be a falling wedge. This is a bullish signal signalling a potential reversal.
- Lows are getting higher on the 4 month bottom trend line. As you can see by the mini trend line, we've been on a bullish movement for the past months.
- Ichimoku Indicator is showing a potential point of entry in the mid term. Tekan Sen line is moving up and closing the distance towards the Kijun Sen line. The last time they closed and signaled an entry, bitcoin rose to upper 8400s.
- Critical supports are 6100 followed by 5800 however if the candle prints above 6450 on the daily, it could mean that 6400 is now another critical support and not just an intermediate support.
Link to BTC Bearish Long Term Scenario:
Trading View Disclaimer:
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
- Stoch RSI on the monthly is heavily bottomed at the oversold territory.