I have been tweeting about this since June this year. But now I have decided to try out sharing my Idea here on Tradingview!
We had massive volumes on the dump of Bitcoin in June this year. The volumes across all big exchanges can be compared to the levels of 2020 corona dump and 2018 bottom.
We can clearly draw a trend line on the Bitcoin chart from 69k to 19k where we can see that we just broke out and retested the trendline.
The RSI also went below the oversold line and back up same as in 2018, 2015 bottom. We now also have a bullish divergence on the RSI weekly.
The log MACD is as the same level as 2015 and 2018. the weekly MACD just made a bullish cross.
ATM the macro economics environment doesn't look well at all. I follow the macro economics in detail and tweet about it.
We have a record high inflation rate which cause the FED to raise rate at a faster rate then usual. They also QT at a fast pace.
Treasury Bonds are crashing in the US and in the west. When Yields goes up Bonds goes down. But its also when it looks the worst that we find our bottoms.
While other Central Banks have been battling this problem with the Bond market. Somehow the FED seems to neglect it, in my opinion the FED will soon have to follow the steps of Bank of England and Bank of Japan.
Purely TA wise. I think we are at the bottom here and we can see a massive accumulation by institutions at these price level. 17-19k should be an attractive price for Bitcoin.
Not financial advice!
We had massive volumes on the dump of Bitcoin in June this year. The volumes across all big exchanges can be compared to the levels of 2020 corona dump and 2018 bottom.
We can clearly draw a trend line on the Bitcoin chart from 69k to 19k where we can see that we just broke out and retested the trendline.
The RSI also went below the oversold line and back up same as in 2018, 2015 bottom. We now also have a bullish divergence on the RSI weekly.
The log MACD is as the same level as 2015 and 2018. the weekly MACD just made a bullish cross.
ATM the macro economics environment doesn't look well at all. I follow the macro economics in detail and tweet about it.
We have a record high inflation rate which cause the FED to raise rate at a faster rate then usual. They also QT at a fast pace.
Treasury Bonds are crashing in the US and in the west. When Yields goes up Bonds goes down. But its also when it looks the worst that we find our bottoms.
While other Central Banks have been battling this problem with the Bond market. Somehow the FED seems to neglect it, in my opinion the FED will soon have to follow the steps of Bank of England and Bank of Japan.
Purely TA wise. I think we are at the bottom here and we can see a massive accumulation by institutions at these price level. 17-19k should be an attractive price for Bitcoin.
Not financial advice!