BTCUSD
BTCUSD is currently in a 4+ year uptrend when looking at the log chart. Apart from the 2017 crash cycle, it has remained in it's trend channel. In fact, the crash cycle bottomed out on the low end of the trend channel when it completed at the end of 2018.
It would be foolish to pinpoint a long term estimate, but it is clear that BTCUSD is heading in a positive direction. The next critical level for me will be around 9400, when it retests the top of the trend channel. If we break through there, I can see us replaying the 152% increase that we experienced at the beginning of 2017. The last time we broke the trend channel was May 2017, which initiated the beginning of the crash cycle.
I'm optimistic that what we're seeing here is an accelerated crash cycle 2.0. A re-test and break through over 9000 (queue the Vegeta memes) could signal a parabolic increase in price beginning this month, which will end in a massive correction back to the top of the trend line before it continues on to a new ATH.
Trade active:
The trend is confirmed after breaking through 9000. The last low at 7450 created a new high near 9400. I'm expecting a brief consolidation here before we continue the uptrend towards $12k, which is where I expect to see our first major correction. So far so good.
Comment:
$11,200! Getting closer to $12k by the day. FOMO seems to be extra high as Bitcoin was trending on Twitter last night. We could blow right past $12k on this last push up before a much bigger correction... but first we must flip this 11500 resistance into support.
Trade closed: target reached:
$12k! This leg might carry up to around 13k. I will be keeping a tight stop loss set from here on out. We're parabolic at the moment, could be due for a major correction after we hit the top of this run.
Comment:
Massive correction in progress... We just bounced off a trend line dating back to the beginning of the 2017 bull run. If it holds, I'll be interested again around 10200.