Welcome!
Quick update on my macro Bitcoin analysis.
For the past 50+ days we have been in one big consolidation below the key level of 10.5k that would signal a resolution of the descending broadening wedge to the upside with a target of 15 000$ per BTC.
Because the consolidation has been going on for so long and along with the fact that Bitcoin´s volatility is extremely low, among the lowest it has been in the last three (!!) years actually, I think that it´s safe to say the direction Bitcoin takes next is likely to have substantial continuation. In the context of my projected macro pattern there are two options:
1. one last downleg (A) - target 5.5 - 6000 for a 40 - 45% price reduction
2. breakout to the upside (B) - target 14 000 for a 50 - 60% price increase
Personally, I am looking for Path A which, I believe, should be the last big correction before eventual prolonged BTC upside, a new bull market if you want to call it like that.
Thank you for reading!
Quick update on my macro Bitcoin analysis.
For the past 50+ days we have been in one big consolidation below the key level of 10.5k that would signal a resolution of the descending broadening wedge to the upside with a target of 15 000$ per BTC.
Because the consolidation has been going on for so long and along with the fact that Bitcoin´s volatility is extremely low, among the lowest it has been in the last three (!!) years actually, I think that it´s safe to say the direction Bitcoin takes next is likely to have substantial continuation. In the context of my projected macro pattern there are two options:
1. one last downleg (A) - target 5.5 - 6000 for a 40 - 45% price reduction
2. breakout to the upside (B) - target 14 000 for a 50 - 60% price increase
Personally, I am looking for Path A which, I believe, should be the last big correction before eventual prolonged BTC upside, a new bull market if you want to call it like that.
Thank you for reading!
Comment:
HVP on the 3D is extremely low, we have seen this metric at zero (red background) only four previous times in the last four (!!) years. One of those zero reads produced a 20% move, the other four produced more than 50% moves.
Comment:
The trend line on the RSI was lost at first however BTC has since managed to reclaim it and we are currently finding support above it which means this whole consolidation now has a much more bullish connotation
Comment:
In addition, we just got a hash ribbon buy signal which, in the past, almost always had massive bullish implications for Bitcoin. At the moment it is actually looking more and more likely we actually break out to the upside of the range we are currently in (final target 14 - 15k)
Comment:
Once again the hash ribbons have shown that they are one of the best Bitcoin indicators in existence.
Descending broadening wedge broken, target is roughly 16 000$
Descending broadening wedge broken, target is roughly 16 000$
This of course implies lower prices.