BitcoinPembelian
Bitcoin at crucial inflection point: 1 hour chart convergence.
*please do your own research before taking a position * - i am not an expert
As indicated in the attached chart Bollinger are aggressively converging at the most rapid rate since December 20th, we all know shortly following that bitcoin launched to 30k within 2 weeks.
At a minimum we are in for a show which direction show goes in we’ll see.
Please comment below with facts if possible if anything is incorrect in my analysis.
Opinion: Most macro and technical information around btc indicates high tailwinds to move it to new heights. New ATH between 69k and 72k within the next 10 days.
Technicals:
Bullish case:
1. It’s held 2 major support levels at
42K and 50k (each fib regression levels plotted from December lows to March highs)
2. Squeeze indicators on the daily and hourly indicate a reversion to the upside within hours.
3. Bitcoin has fought to hold the 58800 support level, and roared back anytime it has broken support.
4. For nearly 3 weeks bitcoin has been able to hold an average price above 54,000 which is roughly 1 trillion in market cap. Yes these are just numbers but they also happen to be a fib level between the March low of 42k and high of 61k and the most recent 50k to 59k Move. Indicating a potential new price floor.
5. RSI at 60, the last 4 moves of 20% the RSI was on average 58.9
6. Cup handle between March 14th and April 3rd
Bearish:
1. You could interpret not being able to break 60k and hold as a 3rd peak to the Feb and March highs. Similar to what we saw in 2018 and follows the bull trap philosophy with a lower high.
2. Consistently lower volumes since March 14 high @ 61k
Neutral: Btc already gone up 755% yoy, in the 2018 (bubble?) it actually went up 1400% between December 2017 and December 2018.
Macro factors:
* Coinbase ipo to draw attention to crypto space.
* 5 outstanding etf applications with the SEC
* 2nd 2021 stimulus conversations.
* Potential regulation by Indian government
* Consistent daily outflows from exchanges.
Appreciate you reading.
As indicated in the attached chart Bollinger are aggressively converging at the most rapid rate since December 20th, we all know shortly following that bitcoin launched to 30k within 2 weeks.
At a minimum we are in for a show which direction show goes in we’ll see.
Please comment below with facts if possible if anything is incorrect in my analysis.
Opinion: Most macro and technical information around btc indicates high tailwinds to move it to new heights. New ATH between 69k and 72k within the next 10 days.
Technicals:
Bullish case:
1. It’s held 2 major support levels at
42K and 50k (each fib regression levels plotted from December lows to March highs)2. Squeeze indicators on the daily and hourly indicate a reversion to the upside within hours.
3. Bitcoin has fought to hold the 58800 support level, and roared back anytime it has broken support.
4. For nearly 3 weeks bitcoin has been able to hold an average price above 54,000 which is roughly 1 trillion in market cap. Yes these are just numbers but they also happen to be a fib level between the March low of 42k and high of 61k and the most recent 50k to 59k Move. Indicating a potential new price floor.
5. RSI at 60, the last 4 moves of 20% the RSI was on average 58.9
6. Cup handle between March 14th and April 3rd
Bearish:
1. You could interpret not being able to break 60k and hold as a 3rd peak to the Feb and March highs. Similar to what we saw in 2018 and follows the bull trap philosophy with a lower high.
2. Consistently lower volumes since March 14 high @ 61k
Neutral: Btc already gone up 755% yoy, in the 2018 (bubble?) it actually went up 1400% between December 2017 and December 2018.
Macro factors:
* Coinbase ipo to draw attention to crypto space.
* 5 outstanding etf applications with the SEC
* 2nd 2021 stimulus conversations.
* Potential regulation by Indian government
* Consistent daily outflows from exchanges.
Appreciate you reading.
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