BitcoinLong
BTC Retrace, very Bullish 2020 set up
Updated
Wow. What a last couple days it has been for trading. We have seen the markets go all over the place with the events happening around the world. One thing has been made clear in regards to the stock market and that is it's in one of the most irrational states I have seen it in. Iran launches missles. Stock futures crater. Trump tweets it's all good. Market says, oh, ok. Let's go back up.Why do i mention the stock market in a BTC post? It's important for BTC, lets look at why.
(if you are reading my posts for the first time, I have been calling this $6,500 area as support for a long time. We have been taking entries in this zone and are very much in profit right now)
Lets look at a few things going on with BTC right now. We have reached the top of the major channel and as expected we are finding resistance. If the market over reacted and goes back to a sense of "normalcy" we will see the market come back down to test this $7,400 area. I think this scenario is pretty likely. You will see that people start flipping from bullish to bearish saying it's the biggest ruse of all time, etc, etc... if that $7,300 holds which I expect it to if we get there. It will be the perfect time to take a long entry if you haven't already. it's arguable that you can take some profit now and even go for a re-entry to wait to see what happens or throw in a protective stop.
Why the market will continue up in the face of the bears. Even if this last retrace was just a "ruse" it's clear we have global uncertainty which add fuels for the bitcoin fire. i won't go to much into it but it's pretty apparent that it's there. The next is the halving, people know it's coming and I don't believe it's priced in yet.
The technicals are looking good for BTC right now. On the weekly we have RSI breaking it's up trend line and MACD really softening on the bearish side. This is huge, it indicates that we are starting to get really bullish. While on the daily we have MACD and RSI both sloping up showing strength.
Technically on the daily we have an almost oversold RSI. this could lead to the pullback I was talking about which coincides with the retrace I was going over.
All in all, this charts are setting up nicely for a pretty big run this year. Watch closely. Pick your points. Don't stress.
Happy trading and hodling,
-Sherem
(if you are reading my posts for the first time, I have been calling this $6,500 area as support for a long time. We have been taking entries in this zone and are very much in profit right now)
Lets look at a few things going on with BTC right now. We have reached the top of the major channel and as expected we are finding resistance. If the market over reacted and goes back to a sense of "normalcy" we will see the market come back down to test this $7,400 area. I think this scenario is pretty likely. You will see that people start flipping from bullish to bearish saying it's the biggest ruse of all time, etc, etc... if that $7,300 holds which I expect it to if we get there. It will be the perfect time to take a long entry if you haven't already. it's arguable that you can take some profit now and even go for a re-entry to wait to see what happens or throw in a protective stop.
Why the market will continue up in the face of the bears. Even if this last retrace was just a "ruse" it's clear we have global uncertainty which add fuels for the bitcoin fire. i won't go to much into it but it's pretty apparent that it's there. The next is the halving, people know it's coming and I don't believe it's priced in yet.
The technicals are looking good for BTC right now. On the weekly we have RSI breaking it's up trend line and MACD really softening on the bearish side. This is huge, it indicates that we are starting to get really bullish. While on the daily we have MACD and RSI both sloping up showing strength.
Technically on the daily we have an almost oversold RSI. this could lead to the pullback I was talking about which coincides with the retrace I was going over.
All in all, this charts are setting up nicely for a pretty big run this year. Watch closely. Pick your points. Don't stress.
Happy trading and hodling,
-Sherem
Note
Previous ideas identifying the $6,500 support zone:
this one as early as september -
Note
We touched on this upper blue support I drew, if we get some follow through and break this larger channel we could very well move up in a big way. We'll have to see how this plays out.Note
The retrace we got was check, and we are breaching this trendline to the upside. Note
Printing $8,700. This appears like this break is going to hold. Next target will be the last spike up of around 13.5k areaNote
Take a gander at those green arrows on my chart on the right. Woot.
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