Based on my Technical Analysis, my chart demonstrates a huge potential uptrend for long term. I'm sure there will be bunch of corrections that would scare the retail investors to FOMO, which will create a buying power for us to position ourselves. For the last few months, there's been a positive perspective on the cryptocurrency which was promoted by celebrities which includes Elon Musk and CFO. It is expected 5% of CFO will consider about adding bitcoin as their investment by end of the year. Now I'll explain every indicator and patterns that I used in this chart.
Patterns:
Ascending Triangle/Uptrend Channel: These are a bullish pattern, I used multiple Uptrend Channels to find the probability of hitting these areas.
Arcs: I personally like to used this to predict the upcoming pullback and strong support line, can be used in many timeframe.
Support and Resistance: In this chart, I have multiple support line that is used as probabilities of correction hitting the price range. To find these support line, I used 30m, 1 hour, 4 hour, and 1 day time frame to determine each support line. This will give us a bigger image of what's behind the scene.
Indicators
I am not a Financial Advisor, please do your own due diligence before taking my opinion.
Patterns:
Ascending Triangle/Uptrend Channel: These are a bullish pattern, I used multiple Uptrend Channels to find the probability of hitting these areas.
Arcs: I personally like to used this to predict the upcoming pullback and strong support line, can be used in many timeframe.
Support and Resistance: In this chart, I have multiple support line that is used as probabilities of correction hitting the price range. To find these support line, I used 30m, 1 hour, 4 hour, and 1 day time frame to determine each support line. This will give us a bigger image of what's behind the scene.
Indicators
- EMA: This indicator is faster then MA (Moving Average) which shows us if the trend is good or bad. This indicator can be used as a Support/Resistance.
VWAP: This was used to find the fair price of my entrance.
MACD: Tells us the Convergent, Divergent, and Volume of the Trend
RSI: The indicator shows us if the price are being overbought or oversold
I am not a Financial Advisor, please do your own due diligence before taking my opinion.