Bearish in the short to medium term, SUPER BULLISH LONG TERM
Updated
I have been following BTC for many years and have looked deeper due to the overall financial risk in global markets. BTC is in a short term, and necessary, bearish trend that will only help the big picture mega-trend play out, that you can see on my chart. Bitcoin is the mother of all bull flags and is currently creating the largest one yet. I don't follow news much as I rely on real time market psychology illustrated in charts to give me insight into what people are actually doing/thinking. News can lie all day long but the footprint of insiders and what the key players are doing will always be shown in the charts. I think the disconnect between these truths is the cause of all emotional and reckless trading.
Back to Bitcoin- When zooming out you can see that BTC is essentially a machine that produces a series of bull flags and short periods of sell offs in relation to the big picture. While the current short term trend will se selling as it's dealing with a rising wedge on the daily chart , I think this is a blessing for people with the long term ideology. This presents another opportunity to buy at the refueling station that is illustrated on my chart. I've also seen an uptick in companies accepting debit cards to buy crypto... this could add to the next euphoria driven bubble like we all witnessed in 2017.
I think that BTC could make a run to 100k considering that the run from 2k up to 20k is a similar multiple and sounds just as crazy at face value.
The bitcoin halving is coming up, and while prices don't jump immediately after the halving, they have always been the catalyst that ultimately led to the FOMO bubbles of the past. Events like this don't happen often and many people will get hurt by jumping in at the top. Experienced traders can benefit from this on both sides of the trade, however, I would not be short...
The playing out of the short to medium term bearish pattern could account this time for the waiting period that BTC has historically encountered between the actual halving event and the delayed price action to the upside ifollowing.
Long story short- I am watching that reloading zone on the chart.
Opinions welcomed, attacks ignored. Stay safe out there!
Back to Bitcoin- When zooming out you can see that BTC is essentially a machine that produces a series of bull flags and short periods of sell offs in relation to the big picture. While the current short term trend will se selling as it's dealing with a rising wedge on the daily chart , I think this is a blessing for people with the long term ideology. This presents another opportunity to buy at the refueling station that is illustrated on my chart. I've also seen an uptick in companies accepting debit cards to buy crypto... this could add to the next euphoria driven bubble like we all witnessed in 2017.
I think that BTC could make a run to 100k considering that the run from 2k up to 20k is a similar multiple and sounds just as crazy at face value.
The bitcoin halving is coming up, and while prices don't jump immediately after the halving, they have always been the catalyst that ultimately led to the FOMO bubbles of the past. Events like this don't happen often and many people will get hurt by jumping in at the top. Experienced traders can benefit from this on both sides of the trade, however, I would not be short...
The playing out of the short to medium term bearish pattern could account this time for the waiting period that BTC has historically encountered between the actual halving event and the delayed price action to the upside ifollowing.
Long story short- I am watching that reloading zone on the chart.
Opinions welcomed, attacks ignored. Stay safe out there!
Note
This is my short to medium term bearish outlook. We just broke down outside of the bearish rising wedge and achieved a Parabolic SAR flip to the bearish side. The Parabolic SAR can identified as the white dots you see stringing along above or below the candles. When those dots are below the candles it's bullish, and above the candles is bearish. Observe how many dots come after a trend, it is safe to say that the trend is bearish as of just a day or two ago. Be safe all!
Note
Keeping my eye on the prize with that refuel zone!
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.