My past analysis posted 1/15 has been invalidated, as I had been way too hasty to accept a temporary trendline reclaim as a major technical development. In reality it broke back down, and I was forced to exit trade. But I am still bullish based on the fact that instead of a harsh drop to the 20k range as everyone has been predicting, BTCUSD has simply printed a triangle formation. This indicates strong buying+accumulation pressure - it seems to me that BTC is simply recharging and recoiling for a next leg up.
-Upside break would see continued price discovery. My first targets in this bullrun are $65,000 - $75,000 (see my past analysis if interested as to my methodology)
-Downside break will see a support at 30k, which is the trendline support for the beginning of this bull market before we went vertical. We could still see 20k-25k, who knows.
The best part about trading triangles is that we know a break in either direction is always soon - so we don't have to wait much longer!
Fundamentally - I see 2021 as a potentially strong year for BTC regardless of administrative direction in the US. If they pass more stimulus relief, inflationary concerns will rise PM+crypto. If they fail to get it passed, economic depression will continue and crypto will rise amidst those concerns as well. That is my personal view.
-Upside break would see continued price discovery. My first targets in this bullrun are $65,000 - $75,000 (see my past analysis if interested as to my methodology)
-Downside break will see a support at 30k, which is the trendline support for the beginning of this bull market before we went vertical. We could still see 20k-25k, who knows.
The best part about trading triangles is that we know a break in either direction is always soon - so we don't have to wait much longer!
Fundamentally - I see 2021 as a potentially strong year for BTC regardless of administrative direction in the US. If they pass more stimulus relief, inflationary concerns will rise PM+crypto. If they fail to get it passed, economic depression will continue and crypto will rise amidst those concerns as well. That is my personal view.
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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.