N0ST0PL0SS

Bitcoin | Wen Bottom?

N0ST0PL0SS Updated   
BITFINEX:BTCUSD   Bitcoin
Had difficulties posting the video to this chart on TradingView so I uploaded on YouTube.

TDLR:
  • -Looking at BTC on a log chart, it's now much easier to scale and have a true view of where we're at.


  • -200EMA has served as strong support the last three times price interacted with it.


  • -Based on current momentum, we are bound to hit the previous ATH, which coincides with the area that the 200EMA covers.


  • -Looking at the pattern from 2015 to now, its evident we have a bull pennant which has lost momentum and is looking for support - Last broken structure - Prev. ATH.


  • -FIB Retracement & extension from 69k shows a smaller bear pennant, which is calculated to extend to the -27% zone to complete its extension.


  • -Looking at the volume from this leg up on the bull run starting in March 2020, the next levels of support which could give us a relief bounce is also around the -27% and higher volume is just below prev. ATH which I expect to give us a bounce as well.


  • - At this weekly close 6/12, we should now be confirmed a close outside of the 30k range bottom. I go a bit more in depth in the video about how that would play out. Essentially a break and retest and continuation down to the 200EMA.


I can probably find a few more metrics that fit my bias, but to keep things simple, I'll leave the chart as is because what I've shown is what seems obvious to me and what I would mark up on any other chart regardless of the asset.
I'm making a very strong claim for this bias, and due to the recent data in the market which we can visually see in candles along with sentiment, I think its highly probable that I'm correct in my analysis.


Is the bottom going to be at previous ATHs or at the last broken structure after the bull pennant break?
I dont know. However, from a technical POV, its highly likely it'll be one of those two zones.

Let me know your thoughts.

For those interested in the YouTube vid, its linked below. Idk if I'm allowed to post Links, I didnt read T&C; Mods dont delete my post cuz of a link pls lmao

www.youtube.com/watch?v=QsHQP9JK...
Comment:
Comment:
Comment:

These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.