Hello world!!! Simply here.
We've been getting a lot of requests on our website asking which direction we think Bitcoin (and the overall crypto market) are moving. So, instead of responding to all of your questions individually, we've decided to start publishing our ideas here, on Tradingview! So, without further adieu, let's look at Bitcoin/USD...
The Bear
As you can see, Bitcoin is starting to consolidate within the orange-line channel and based on the last 2 dips, I would be very surprised to see BTC fall below 6,300 ever again (although there is always the possibility with such a volatile asset). It looks like a head and shoulder pattern has emerged over the past few weeks and if it holds true, we should bee BTC to 9,700 in the next week, followed by a (hopefully final) dip to around 7,000. As long as the dip doesn't fall out of the channel (meaning below 6,300), I would consider that to be a very strong buying time. However, falling below the channel could set off some serious selling - so keep watch! Doing a quick Elliot Wave Pattern (I'm usually not a fan of these) it would also support a 5th wave down to 7,000.
The Bull
Of course, if the head and shoulders pattern fails, and instead of stopping at 9,700, we break out of the top orange-line consolidation, there could be a very bullish pump up to 11,500 (bright green line)! Taking a quick look on GDAX, there is a lot of sell orders around 10,000 so I wouldn't bet on this scenario coming true. I would say this is less likely in the short term, but still very possible.
Summary
There's a ton of risk in this market and as an investor, I would wait until we have confirmation before betting your life away. I would assume BTC will hit 9,700 in the next week or two and then we'll have to wait to see if we can break out above 10,000 or fall down to 7,000. Unfortunately, it looks like the latter... Nonetheless, we have a very long year ahead and it should be very rewarding for all you hodlers out there!
Other Notes
Thanks again for reading! This is our first post on this site - hope you enjoyed.
Simply :)
Free Crypto Reviews for Beginners @
www.simplycryptocurrencies.com
We've been getting a lot of requests on our website asking which direction we think Bitcoin (and the overall crypto market) are moving. So, instead of responding to all of your questions individually, we've decided to start publishing our ideas here, on Tradingview! So, without further adieu, let's look at Bitcoin/USD...
The Bear
As you can see, Bitcoin is starting to consolidate within the orange-line channel and based on the last 2 dips, I would be very surprised to see BTC fall below 6,300 ever again (although there is always the possibility with such a volatile asset). It looks like a head and shoulder pattern has emerged over the past few weeks and if it holds true, we should bee BTC to 9,700 in the next week, followed by a (hopefully final) dip to around 7,000. As long as the dip doesn't fall out of the channel (meaning below 6,300), I would consider that to be a very strong buying time. However, falling below the channel could set off some serious selling - so keep watch! Doing a quick Elliot Wave Pattern (I'm usually not a fan of these) it would also support a 5th wave down to 7,000.
The Bull
Of course, if the head and shoulders pattern fails, and instead of stopping at 9,700, we break out of the top orange-line consolidation, there could be a very bullish pump up to 11,500 (bright green line)! Taking a quick look on GDAX, there is a lot of sell orders around 10,000 so I wouldn't bet on this scenario coming true. I would say this is less likely in the short term, but still very possible.
Summary
There's a ton of risk in this market and as an investor, I would wait until we have confirmation before betting your life away. I would assume BTC will hit 9,700 in the next week or two and then we'll have to wait to see if we can break out above 10,000 or fall down to 7,000. Unfortunately, it looks like the latter... Nonetheless, we have a very long year ahead and it should be very rewarding for all you hodlers out there!
Other Notes
- Whether BTC hits 7,000 or 11,500 in the next month, our long term view is bullish! Bitcoin, blockchain, crypto - they're all here to stay.
- The crypto market is still young. On the bright side, that means there's a ton of room for growth. On the negative side, most coins are still highly correlated to Bitcoin. So, if Bitcoin swings one direction or the other, you can expect the entire crypto market to follow.
- There's a ton of TA ideas on here - and many of them are great - but be careful when people get too technical in there technical analysis. TAs are often incorrect and trying to predict every little twist and turn in a market is pointless. That's why we've kept this simple and direct (just like the reviews on our website).
- Please comment below if you'd like to see more posts on other coins or what you'd like to see in the next post!
Thanks again for reading! This is our first post on this site - hope you enjoyed.
Simply :)
Free Crypto Reviews for Beginners @
www.simplycryptocurrencies.com