Definitely confirmed above the big head and shoulders neckline. If BTCUSD gets past 60k, which is looking very likely given the strength lately, 65k is extremely high probability. *If* it busts through 65k quickly (bitcoin futures ETF hype, etc...), looking at 75k and beyond (unless there is a "Black Swan" event). Otherwise consolidation. The head and shoulders...
It is fun drawing lines on charts. Triangle time again. Looks like BTCUSD is in the eye of the storm. Next trendline is a big one.
Could go either way, but this seems more like bullish consolidation here; if not then BTCUSD is not the only market in trouble.
Too early to call it a breakout, but a positive sign for the bulls.
Building energy to get back into the uptrend.... the suspense
Bounced just above the 20-week Bollinger Band on the weekly time frame. Great entry/add position for anyone who caught it. Who knows what happens next. Possible re-test of 20 SMA or 21 EMA, or back down for another test of the lower Bollinger Band.
Bitcoin below 21 week EMA and 20 week SMA, and broke below 54 support on the RSI. Still not too late for a rebound, but looking weak. Seeing some support at the 200 day EMA now, if that doesn't hold, next stop 200 day SMA.
Had to be patient, but finally. Note that the lower Bollinger Band is in play now, given how long this took, and also the head and shoulders pattern on the daily. For Non-HODL or future HODL positions, from here is great for long term accumulation, if one believes the bull run is not over.
Which way? Either going to the 21 week EMA or the top of the Bollinger Band. I still think BTCUSD sees the 21 week EMA first, with possibly a touch of the upper Bollinger Band before. Weekly close above the upper Bollinger Band is the start of the next leg higher.
GBTC just bounced off its 21 week EMA (approximately). Accounting for the GBTC current discount, this means holders of GBTC think the bitcoin contained within it is worth about $44k. BTCUSD has yet to test the 21 week EMA, which is also near $44k. Great long-term entry if it gets there, and one believes that BTCUSD is still in a bull market.
A lot of strength here, but still in no-man's-land on the weekly. There's a chance BTCUSD makes a run for the upper Bollinger Band soon. Might be worth a trade-around position from here to there, if near-term bullish. Expecting the upper Bollinger Band to provide very strong resistance. Would become long-term bullish on a weekly close above the upper Bollinger...
Medium-term neutral. BTCUSD is no longer pushing the weekly upper Bollinger Band, as it missed the BB two weeks ago, and last week bounced off it (though it did pierce through, which is positive). Still, now there is an increased chance that the 21-week EMA will catch up to price. In bull runs, the 21-week EMA has been an excellent accumulation area. See my...
Looks like BTCUSD is meeting tough resistance on the re-test of the weekly upper Bollinger Band. Next move could be big, in either direction. See my previous post for further details (linked below).
So the weekly chart of BTCUSD with the 21-week moving average has been very popular, as during bull runs the price seems to bounce off this average quite often. However, something I've noticed is that if BTCUSD is in an uptrend, it has a habit of touching the upper Bollinger Band week after week. If it finally doesn't, it seems to go back down to at least test the...