Hi Traders, Let’s look at the most bullish case you’ve seen for Bitcoin in the past months! This looks like a textbook market bottom, a nice bounce and now forming an ascending triangle ready to break out and start moving up again.
I plotted Ichimoku on the charts, and as you can see, there are many bullish signs. The Tenkan is above the Kijun, and both are pointing upwards. Chikou span is above price, and the future kumo has turned bullish. These are all very good signs. If that was not enough, I can clearly see a beautiful ascending triangle form here, which has a 70% chance of breaking to the upside. Sure, we are still in the kumo, which means we’re not full on bullish yet, but all other signs are good. We should at least be heading to the first resistance level at the flat kumo. So ask yourself this: is this market about to break upwards, or down?
I think most will agree with me that this is a very bullish looking chart. And I, and I suspect most other traders who know how to use technical analysis, am jumping to enter long on this chart! Now I also think that most of you are thinking why this does not look like your BTC charts at all. Well.. that’s because this is an inverse of the BTC/USD chart. It is 1/BTCUSD (multiplied by 4000000 to get the scaling right..). You can see it on the ticker
Think about that carefully, if you are bullish on this chart, there is no way you can be bullish on the “normal” bitcoin chart. Unless you’re lying to yourself…
Just some food for thought…
take care, ZenTrader.
Komentar
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So, just to be absolutely clear: If you are bullish on this chart, you MUST be bearish on the BTC chart... as this is the inverse of the BTC chart. A breakout to the upside of this chart means that the actual bitcoin price will break to the downside.
I'm bearish on btc and this chart was a great idea IMO. It REALLY puts things into perspective. In reality this could break to the downside (bullish btc), but the most likely situation is a break to the upside.
Wavema
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Everything is good if it works ;) It's another confirmation there is a reversal ! Thanks for sharing
DariusZen
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@harlmington, I hope you understand what I'm saying here.. If you are bullish on this chart, you MUST be bearish on the BTC chart... as this is the inverse of the bitcoin chart. A breakout to the upside of this chart means that the actual bitcoin price will break to the downside.
DariusZen
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@harlmington in other words: this IN NO WAY CONFIRMS BITCOIN IS HAS BOTTOMED. Rather, it says that it will go lower..
Wavema
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@zentrading_, We had many time this situation on charts. When we're noob we always hope it's going higher. But the resistance is always too strong, and... price goes down !! So, for me, this chart is going down sooner or later. May be sharply . It mean BTC is very near to be bullish !