Welcome fellow Tradingviewers,
This analyses is a follow-up from our BTC halving TA and the followup from that analyses analyses has proven to be effectious. (which will be linked in this analyses)
If you haven't already consider reading that analyses before going deeper into this one.
Since that analyses we are now on a 100 day streak above $10K and approaching new highs lets break down what the market is showing us.
In this analyses we are going to show you our view on the current market situation for Bitcoin.
We will be analysing BTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- This close was the HIGHEST CLOSE EVER for Bitcoin (By $20 on Finex)
- The monthly close was a bullish engulfing candle.
- Breakout immenent, with breaking ATH close price.
- We are still above all moving averages.
- Volume keeps increasing.
- Higher High seems immenent.
- Bullish MACD
Weekly:
- We closed the weekly as a bullish engulfing candle.
- We still have the strong trend from the W formation on the MACD.
- The MACD is bullish and shows strength.
- We are well above all MA's
- Volume increasing
- Forming a Higher high according to analyses one.
- We closed well above the 0.618 Fib. Level.
Daily:
- We closed the last daily candle as a bullish engulfing closing above $14K!
- Clearly closed above the 2019 high.
- The MACD is bullish.
- We are well above all MA's
- Volume increasing.
In summary:
Things are looking very Bullish for Bitcoin, the highest monthly close ever could result in heavy buying pressure from retail, smart and institutional money. We have seen crazy adoption by companies as microstrategy, paypal and square in the last couple of months. More companies will follow and with a graph like this we can only start to imagine what kind of companies/funds these are going to be. We ofcourse do not want to fall for FOMO and therefore we need to keep our vision clear. The still undicided elections are also things to take into account, this can create chaos in all markets including Bitcoin and while Bitcoin investors are mostly in GREED mode it will not be completely unreasonable to think about a pullback to squeze out the high leverage Long traders at the moment.
But for now there are very little bearish signals from our perspective, support levels are also located in the chart.
The lack of trading patterns is worriying making it difficult to set up targets on the current rise for the long term. If you disagree and see a price pattern, make sure to leave it in the comments with according targets!
We broke above the 0.618 FIB. Level which has historically been a important price for Bitcoin. The next aim from here would be the 0.786 located around $16300.
So we broke out of the downtrend and are forming the higher high that is going to move Bitcoin to higher grounds.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
This analyses is a follow-up from our BTC halving TA and the followup from that analyses analyses has proven to be effectious. (which will be linked in this analyses)
If you haven't already consider reading that analyses before going deeper into this one.
Since that analyses we are now on a 100 day streak above $10K and approaching new highs lets break down what the market is showing us.
In this analyses we are going to show you our view on the current market situation for Bitcoin.
We will be analysing BTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- This close was the HIGHEST CLOSE EVER for Bitcoin (By $20 on Finex)
- The monthly close was a bullish engulfing candle.
- Breakout immenent, with breaking ATH close price.
- We are still above all moving averages.
- Volume keeps increasing.
- Higher High seems immenent.
- Bullish MACD
Weekly:
- We closed the weekly as a bullish engulfing candle.
- We still have the strong trend from the W formation on the MACD.
- The MACD is bullish and shows strength.
- We are well above all MA's
- Volume increasing
- Forming a Higher high according to analyses one.
Daily:
- We closed the last daily candle as a bullish engulfing closing above $14K!
- Clearly closed above the 2019 high.
- The MACD is bullish.
- We are well above all MA's
- Volume increasing.
In summary:
Things are looking very Bullish for Bitcoin, the highest monthly close ever could result in heavy buying pressure from retail, smart and institutional money. We have seen crazy adoption by companies as microstrategy, paypal and square in the last couple of months. More companies will follow and with a graph like this we can only start to imagine what kind of companies/funds these are going to be. We ofcourse do not want to fall for FOMO and therefore we need to keep our vision clear. The still undicided elections are also things to take into account, this can create chaos in all markets including Bitcoin and while Bitcoin investors are mostly in GREED mode it will not be completely unreasonable to think about a pullback to squeze out the high leverage Long traders at the moment.
But for now there are very little bearish signals from our perspective, support levels are also located in the chart.
The lack of trading patterns is worriying making it difficult to set up targets on the current rise for the long term. If you disagree and see a price pattern, make sure to leave it in the comments with according targets!
We broke above the 0.618 FIB. Level which has historically been a important price for Bitcoin. The next aim from here would be the 0.786 located around $16300.
So we broke out of the downtrend and are forming the higher high that is going to move Bitcoin to higher grounds.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
