Bitcoin Short-term Bullish as Long as $48.4K is not Tested Again
Updated
Hey guys!
Give this idea a like and follow me if you aren't yet. Now lets get started:
So the "Uncle" Biden news came out of nowhere yesterday while I was out most of the day and that got many sellers panicking across all markets including the Bitcoin and Crypto markets. That said the likeliness of congress passing a doubling taxation from 20% and 39% is rather low in my opinion, I think everyone is over-reacting with many calling the start of the Bear Market on Bitcoin and a failed Megabull etc. etc.
Anyways, here is what I am looking at short-term and long-term as well:
- I had recommended to buy $52-51.3K bottom of the support channel and the higher low before the Biden tax proposal news came out so I told everyone to just HODL as the mild bearish scenario would take us towards the 1W Bollinger Band at $46-45K which would be a great buy/long (30% Correction). But so far it seems we stopped close enough to it at $47,700~ due to front running of buyers and the contract expiry on Bitcoin last night. So it was not really worth it so far to sell. The proper sell area was when I called the sell off short-term once 62K broke a while back.
- On the Daily, the RSI has reached oversold levels of 30 which means that this is a good buy are to buy long-term Bitcoin at from here 50K down to the 1W bollinger midband at $46-45K. Historically, for those who followed me back to 2017, you know that I called every buy the dip level precisely on Bitcoin using the 1D RSI in oversold conditions, and right now I can tell you we are nearing a final bottom before we rally up.
- Short-term to look for till Sunday:
IF this is the bottom and we do not roll back in the next 24 hours to $48,400, then the bulls need to hit the 52-53k top of the falling wedge to get started. Then break out from the wedge to confirm a bull reversal and close the Weekly on Sunday close to 55K. Once that happens, ALTSBTC can rally hard as I had expected initially into end of May.
So far ALTS like ETHUSD and LTCUSD have nicely held their bottom support or previous top holding as support levels and remain bullish.
When would I turn bearish: I would turn bearish mid-term if sell off to $48,400 again, and we close a 3D or 1W candle below the 1W Bollinger Midband at 45K~ . So if there is a test of $42-40K it will need to be rebought fast, else it would mean we have bigger problems on our hands trend wise with a retest of 35-32K being likely which is the Elon and Michael Saylor mode/support buy level
- This current idea ties well with my long-term call I shared before with everyone:
- At last, the Megabull is NOT over, we are just in needed a 30%~ correction before we continue our dual bull run to 100K+ then 400K by year end.
Best of luck and happy trading!
Carl M.
Give this idea a like and follow me if you aren't yet. Now lets get started:
So the "Uncle" Biden news came out of nowhere yesterday while I was out most of the day and that got many sellers panicking across all markets including the Bitcoin and Crypto markets. That said the likeliness of congress passing a doubling taxation from 20% and 39% is rather low in my opinion, I think everyone is over-reacting with many calling the start of the Bear Market on Bitcoin and a failed Megabull etc. etc.
Anyways, here is what I am looking at short-term and long-term as well:
- I had recommended to buy $52-51.3K bottom of the support channel and the higher low before the Biden tax proposal news came out so I told everyone to just HODL as the mild bearish scenario would take us towards the 1W Bollinger Band at $46-45K which would be a great buy/long (30% Correction). But so far it seems we stopped close enough to it at $47,700~ due to front running of buyers and the contract expiry on Bitcoin last night. So it was not really worth it so far to sell. The proper sell area was when I called the sell off short-term once 62K broke a while back.
- On the Daily, the RSI has reached oversold levels of 30 which means that this is a good buy are to buy long-term Bitcoin at from here 50K down to the 1W bollinger midband at $46-45K. Historically, for those who followed me back to 2017, you know that I called every buy the dip level precisely on Bitcoin using the 1D RSI in oversold conditions, and right now I can tell you we are nearing a final bottom before we rally up.
- Short-term to look for till Sunday:
IF this is the bottom and we do not roll back in the next 24 hours to $48,400, then the bulls need to hit the 52-53k top of the falling wedge to get started. Then break out from the wedge to confirm a bull reversal and close the Weekly on Sunday close to 55K. Once that happens, ALTSBTC can rally hard as I had expected initially into end of May.
So far ALTS like ETHUSD and LTCUSD have nicely held their bottom support or previous top holding as support levels and remain bullish.
When would I turn bearish: I would turn bearish mid-term if sell off to $48,400 again, and we close a 3D or 1W candle below the 1W Bollinger Midband at 45K~ . So if there is a test of $42-40K it will need to be rebought fast, else it would mean we have bigger problems on our hands trend wise with a retest of 35-32K being likely which is the Elon and Michael Saylor mode/support buy level
- This current idea ties well with my long-term call I shared before with everyone:
- At last, the Megabull is NOT over, we are just in needed a 30%~ correction before we continue our dual bull run to 100K+ then 400K by year end.
Best of luck and happy trading!
Carl M.
Trade active
Briefly stopped but we bought back in. If you do not want to buy back a in Bitcoin, get into XRP, ETH, LTC, XMR or any other ALTS that has not run yet to the All-Time-High.Note
Dip to 52.6-51.6K completed. Time to go up to at least 58K~ before we sell off again till May 4-6 Note
I think Bitcoin finds a bottom at 51-49K around May 4-6 (see chart above)Note
The fractal has played nicely so far except that we missed closely my buy/long bottom price range at 51K or lower (and even my revised buy range at 52K).I did nail the date of the bottom being around May 4-6 though.
Expecting lots of sideways in the coming weeks while ALTS see great gains pan out till the end of May where they will top.
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