BTCUSD Bitcoin: Retest of 9.8K & the big 10K !!!
Updated
So far, the 9200-9300 region has been validated as a strong support, which includes:
- 200 MA line (Yellow)
- Bottom support of descending wedge formation (Green line)
- 0.236 Fib retracement line
Three times BTC has touched this region and rebounded to the top of the descending wedge, now having broken out of it to hit the highs of @ near 9600.
Now we look for BTCUSD to retest the top of the wedge, also the 0.382 Fib level. If it rebounds from there, we could aim for a LONG Opportunity to the 0.786 Fib Level at least @ near 9800.
OVERALL FUNDAMENTALS: Really Bullish with greater media attention now especially with
- Paul Tudor Jones endorsement : might see a laggard spike in moves taken by larger funds into BTC holdings
- Recent JK Rowling Uproar: her innocent question about bitcoin and its uses
Miners seem to be driving the prices higher to maintain mining operations with the halved rewards, I don't see a mass capitulation very soon with bullish momentum feeling so strongly
Bitcoin holdings in wallets outside of exchanges/BTC flows out of exchanges have massively increased, I see a gradual yet imminent demand surge for BTC as soon as fund companies start snatching up the supply.
At the moment, I would be focusing on BUYING IN on any major pullbacks along the way. Most shorts taken now likely to be on 10-20% pullbacks in a increasingly apparent parabolic uptrend and that IS NOT ADVISABLE.
As always, FEEL FREE TO LIKE AND FOLLOW and always trade carefully with stop loss orders!
Regards,
GOL D ROGER
- 200 MA line (Yellow)
- Bottom support of descending wedge formation (Green line)
- 0.236 Fib retracement line
Three times BTC has touched this region and rebounded to the top of the descending wedge, now having broken out of it to hit the highs of @ near 9600.
Now we look for BTCUSD to retest the top of the wedge, also the 0.382 Fib level. If it rebounds from there, we could aim for a LONG Opportunity to the 0.786 Fib Level at least @ near 9800.
OVERALL FUNDAMENTALS: Really Bullish with greater media attention now especially with
- Paul Tudor Jones endorsement : might see a laggard spike in moves taken by larger funds into BTC holdings
- Recent JK Rowling Uproar: her innocent question about bitcoin and its uses
Miners seem to be driving the prices higher to maintain mining operations with the halved rewards, I don't see a mass capitulation very soon with bullish momentum feeling so strongly
Bitcoin holdings in wallets outside of exchanges/BTC flows out of exchanges have massively increased, I see a gradual yet imminent demand surge for BTC as soon as fund companies start snatching up the supply.
At the moment, I would be focusing on BUYING IN on any major pullbacks along the way. Most shorts taken now likely to be on 10-20% pullbacks in a increasingly apparent parabolic uptrend and that IS NOT ADVISABLE.
As always, FEEL FREE TO LIKE AND FOLLOW and always trade carefully with stop loss orders!
Regards,
GOL D ROGER
Comment
WOOPSIE WOOPS!! = )AS PREDICTED, we are now near the 0.786 Fib Level at least @ near 9800.
Waiting for testing of this resistance line.
Comment
Appears to be consolidating at the 0.786 level 
Related publications
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.