BTC/Bitcoin 8 Week Outlook and...The Beginning of ALT SEASON!
Hey Team!
So i lurk Tradingview on occassion and i've seen a bunch of BTC charts recently that say we're going to 40K in September or we'll be at 6K before the end of the week. So i thought i'd share where i think we're headed over the next 8 or so weeks, and how i plan to trade it, if this pans out as i'm expecting it to.
So firstly, i think we're heading to 12800 in the short term, it could be 12440, but i'm optimistic for 12800.
*SHORT 12800*
From 12800 i think we'll ultimately fall back to major support at 10300 and give the Alts a little respite (I'm looking at you TRX).
*LONG 10300*
From 10300 i think this will be the start of the next uptrend, hitting 11000-11400 before retesting the supporting trend line around 10700 before topping out at 14000, creating a lovely double top.
*SHORT 14000*
So this is the big one. With the information at hand, i can see we have a large retracement for BTC coming. Factoring in the HTF RSI bearish divergences and BTC dominance, i think we'll see BTC move from 14000 to the 8k mark before beginning it's next major run up, and in turn start the ALT SEASON we've all been looking forward to!
*LONG BTC 8000*
Finally, apologies for the terrible presentation of the graph, there are some on here that are lovely to read, i just don't have that talent.
Good luck and happy trading!
So i lurk Tradingview on occassion and i've seen a bunch of BTC charts recently that say we're going to 40K in September or we'll be at 6K before the end of the week. So i thought i'd share where i think we're headed over the next 8 or so weeks, and how i plan to trade it, if this pans out as i'm expecting it to.
So firstly, i think we're heading to 12800 in the short term, it could be 12440, but i'm optimistic for 12800.
*SHORT 12800*
From 12800 i think we'll ultimately fall back to major support at 10300 and give the Alts a little respite (I'm looking at you TRX).
*LONG 10300*
From 10300 i think this will be the start of the next uptrend, hitting 11000-11400 before retesting the supporting trend line around 10700 before topping out at 14000, creating a lovely double top.
*SHORT 14000*
So this is the big one. With the information at hand, i can see we have a large retracement for BTC coming. Factoring in the HTF RSI bearish divergences and BTC dominance, i think we'll see BTC move from 14000 to the 8k mark before beginning it's next major run up, and in turn start the ALT SEASON we've all been looking forward to!
*LONG BTC 8000*
Finally, apologies for the terrible presentation of the graph, there are some on here that are lovely to read, i just don't have that talent.
Good luck and happy trading!