BitcoinLong
2 Possible Timelines of Bullish Continuation. Inflation is here.
Considering that inflation in the US is no longer considered transitory by the federal reserve and currents rates are expected to last up until 2024, we can expect bitcoin to maintain bullishness. There are a few ways this "cycle" can play out its largest emerging patterns.
Volatile Bullish (Green) - Bitcoin can complete moving in its broadening ascending wedge formation that started on July 19 before dumping to major support that started October 26th. This is good as now bitcoin has created a new formation of an ascending channel for it to bounce to spanning upper 90k by middle of next year.
Slow Bullish (Red) - In the event that people are too scared to buy bitcoin this holiday due to uncertainty surrounding covid, there might not be much of an impulse before end of 2021. Since so many people are expecting something big like a blow off top to happen in december, this will cause many to panic sell temporarily. This could potentially send bitcoin to 43k before slowing building in a massive ascending triangle that launches to 100k in a 2022 bull run.
Ways of invalidation - If bitcoin loses 42/43k, these supports that both paths rely on are invalidated. Bitcoin will be able to crash lower with much less of a path forward in the short term.
Please comment how you feel about this analysis. Is it baseless? Is it plausible?
Volatile Bullish (Green) - Bitcoin can complete moving in its broadening ascending wedge formation that started on July 19 before dumping to major support that started October 26th. This is good as now bitcoin has created a new formation of an ascending channel for it to bounce to spanning upper 90k by middle of next year.
Slow Bullish (Red) - In the event that people are too scared to buy bitcoin this holiday due to uncertainty surrounding covid, there might not be much of an impulse before end of 2021. Since so many people are expecting something big like a blow off top to happen in december, this will cause many to panic sell temporarily. This could potentially send bitcoin to 43k before slowing building in a massive ascending triangle that launches to 100k in a 2022 bull run.
Ways of invalidation - If bitcoin loses 42/43k, these supports that both paths rely on are invalidated. Bitcoin will be able to crash lower with much less of a path forward in the short term.
Please comment how you feel about this analysis. Is it baseless? Is it plausible?
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