Hey all Gamblers Paradise here with another crucial update on the Bitcoin Price Action. Just wanted to remind you to please like and comment on this post if you have found use for it in your trading analysis and be sure to also Like & Follow my Trading View account to get these updates as soon as they come out!
So what where in the hell is Bitcoin headed? Up? Down? Who knows?
As a smart trader, you would be looking at these charts and have a plan of action for price action that is breaking to the upside; you would have a plan of action for price action to the downside. Why? Cause as a smart trader you know you have to evaluate risk:reward and place your positions accordingly. You see where I'm going with this... As a SMART TRADER, we look at logical and rational outcomes that are supported by data so if the price goes up, we're making money. If the price goes down, we're making money! We don't trade with an emotion and only have a bias when its being supported with confirmations within the chart that support that outcome.
What if I was to tell you that Bitcoin had some of the most important candles in its history come within the last 3 days?
What If I told you that there is confirmation in the charts that show Bitcoin is going to at least $92k through the coming weeks?
What if I told you that this breakout is the last movement before we make another parabolic move toward the upside as we did earlier in 2021?
What If I told you we could be heading for lower ground around the $39k price point because market makers are going to force it lower??
I'll tell you this, Either can happen here in the coming days. Take a look at what is going on in the chart right now!
First to mention is that on Saturday we got our pump up to the top of the Falling Wedge pattern. On Sunday we broke above the resistance trend line for the topside of the wedge. I didn't post about it on Sunday because Being that it was the weekend and weekend pumps in crypto are never really a for sure move since institutional companies aren't trading on the weekends since traditional markets are closed these days. Monday was the deciding factor day of is we were going to see another crypto weekend fake out and possibly be brought down back into the falling wedge or worse breaking below the falling wedge that we just had broken out. Hence why Mondays candle was red. Mondays candle also was a very big confirmation factor in the analysis of bitcoin having the upside edge right now because we have now held above a bullish continuation pattern.
Whether you are looking at the falling wedges, which i mentioned in my last analysis, where we are on our 3rd Falling wedge and each time, so far in the latter half of 2021, we have broken above the falling wedge pattern we have pumped to the upside by an average of 77%. First time was just over 80% pump from $29.5k to $53.8k. Second time was a 74% pump from $39.6k to $69.3k. The third time, due to the rule of diminishing returns, the third pump would be expected to lower by 3-6%, which would project a pump around 66-69% upward. Putting us right at the $92k price point and up agains a tend line resistance.
Bitcoin is also about ready to do what i like to call "Snapping the Bears Backs". This trend i found using the custom indicator that I have put together at the bottom, comes from the light blue line. You see how this blue line moves with the price. It is showing the price level and then the other two parts are related to the volume that is supporting that price level. Similar to the VPVR indicator, but its is not just for horizontal flats of support. And moves more with real time price acton.
To show you what i mean by snapping the bears backs:
This was back from 2019 and 2020, where we had bottomed at $3100 and then rallied up to $14k and then back down into a bump and run bullish reversal and then recovering. you see how the blue line in the indicator looks much like it does right now form the chart above? Watch what happens when we would slide the chart over some. until we can see the top of the the trend.
See how that blue line starts shifting downwards, as the price level rises. Each time macro resistance is broken, and you see this blue line moving down on the indicator, means another macro resistance was broken. Eventually causing this line to flatten out as the price moves parabolic. You can also see exactly where the volume drops off a cliff and all whales and market makers had stopped the pump, and then after that drop in volume is all FOMO.
Then when the price corrects after a parabolic run. The blue line will correct with volume supporting its move down until volume drops off.
[image[
A closer view of the current blue line:
We are looking like we are setup to snap above the blue line and see the price explode toward the upside and it all starts with snapping the bears backs. If we dont get the volume support we need to do this, it could be lower price targets for bitcoin again, at the $39k region being the lowest we would want to see it go with a support zone between $46k-$48k.
So what where in the hell is Bitcoin headed? Up? Down? Who knows?
As a smart trader, you would be looking at these charts and have a plan of action for price action that is breaking to the upside; you would have a plan of action for price action to the downside. Why? Cause as a smart trader you know you have to evaluate risk:reward and place your positions accordingly. You see where I'm going with this... As a SMART TRADER, we look at logical and rational outcomes that are supported by data so if the price goes up, we're making money. If the price goes down, we're making money! We don't trade with an emotion and only have a bias when its being supported with confirmations within the chart that support that outcome.
What if I was to tell you that Bitcoin had some of the most important candles in its history come within the last 3 days?
What If I told you that there is confirmation in the charts that show Bitcoin is going to at least $92k through the coming weeks?
What if I told you that this breakout is the last movement before we make another parabolic move toward the upside as we did earlier in 2021?
What If I told you we could be heading for lower ground around the $39k price point because market makers are going to force it lower??
I'll tell you this, Either can happen here in the coming days. Take a look at what is going on in the chart right now!
First to mention is that on Saturday we got our pump up to the top of the Falling Wedge pattern. On Sunday we broke above the resistance trend line for the topside of the wedge. I didn't post about it on Sunday because Being that it was the weekend and weekend pumps in crypto are never really a for sure move since institutional companies aren't trading on the weekends since traditional markets are closed these days. Monday was the deciding factor day of is we were going to see another crypto weekend fake out and possibly be brought down back into the falling wedge or worse breaking below the falling wedge that we just had broken out. Hence why Mondays candle was red. Mondays candle also was a very big confirmation factor in the analysis of bitcoin having the upside edge right now because we have now held above a bullish continuation pattern.
Whether you are looking at the falling wedges, which i mentioned in my last analysis, where we are on our 3rd Falling wedge and each time, so far in the latter half of 2021, we have broken above the falling wedge pattern we have pumped to the upside by an average of 77%. First time was just over 80% pump from $29.5k to $53.8k. Second time was a 74% pump from $39.6k to $69.3k. The third time, due to the rule of diminishing returns, the third pump would be expected to lower by 3-6%, which would project a pump around 66-69% upward. Putting us right at the $92k price point and up agains a tend line resistance.
Bitcoin is also about ready to do what i like to call "Snapping the Bears Backs". This trend i found using the custom indicator that I have put together at the bottom, comes from the light blue line. You see how this blue line moves with the price. It is showing the price level and then the other two parts are related to the volume that is supporting that price level. Similar to the VPVR indicator, but its is not just for horizontal flats of support. And moves more with real time price acton.
To show you what i mean by snapping the bears backs:
This was back from 2019 and 2020, where we had bottomed at $3100 and then rallied up to $14k and then back down into a bump and run bullish reversal and then recovering. you see how the blue line in the indicator looks much like it does right now form the chart above? Watch what happens when we would slide the chart over some. until we can see the top of the the trend.
See how that blue line starts shifting downwards, as the price level rises. Each time macro resistance is broken, and you see this blue line moving down on the indicator, means another macro resistance was broken. Eventually causing this line to flatten out as the price moves parabolic. You can also see exactly where the volume drops off a cliff and all whales and market makers had stopped the pump, and then after that drop in volume is all FOMO.
Then when the price corrects after a parabolic run. The blue line will correct with volume supporting its move down until volume drops off.
[image[
A closer view of the current blue line:
We are looking like we are setup to snap above the blue line and see the price explode toward the upside and it all starts with snapping the bears backs. If we dont get the volume support we need to do this, it could be lower price targets for bitcoin again, at the $39k region being the lowest we would want to see it go with a support zone between $46k-$48k.
