Bitcoin In 2 Separate Pattern Cycles - CryptoManiac101
Updated
Here we are looking at 2 high potential patterns. First is a Semi-Symmentrical Triangle Pattern or Symmetrical Pattern and second is Downward Wedge Pattern.
Both patterns are bullish in medium term with Downward wedge having greater chance for upward break which would be followed by bull run for few weeks.
Both of these patterns usually breakout after 70% - 77% into pattern with downward wedge taking longer, coming in at 74% - 77% vs symmetrical triangle at 70% - 72%
In other words we can say that out of 100 downward wedge patterns, an average number of 75 crypto coins or stocks broke out 75% into cycle.
Probability of each track that Bitcoin can take are outlined on chart, however keep in mind that they can be changed at any time period after each candle. Do not pay much attention to it, just keep in mind general directions Bitcoin may or may not take.
Indicators
MACD is bullish, no questions to be asked there
RSI / STOCH both indicate that we have room for further downward trend, unfortunately not neutral at all with majority leaning toward bearish.
Personal Take
We personally are bullish on Bitcoin no matter what and just like everyone here, we want to see a break already because we do not need to hit any more supports, bottoms or whatever else some analysts on here will say. We have gone through filtration cycle where newer investors were mostly kicked out of cryptocurrency after panic sells.
Nice thing about cryptocurrency is that it does not matter what indicators say... Most of the times they will do exact opposite. We saw that with ETC, with TRON, STRAT and many other high market cap and medium cap crypto.
Should you buy in or wait?
Medium term and long term investors can without question buy into Bitcoin or alts.
Short term investors should identify their risk ability and if one should decide that they want to minimize risk, then we would recommend to stay back. If you're willing to give it some risk, then enter with Stop Loss, but do not put into limit order. Do it manually just make sure you have access to exchange during majority of day time. If you are an investor who is willing to take a risk, then you should enter without Stop Loss.
Is this a bubble?
Yes, we actually got tons of messages asking us this exact question. Answer is a resounding NO. Not sure why you would even ask that question and compare it to dot com or tulip correction. They are incomparable at all. We are dealing with a different technology that is low on market cap still.
Is whole market a bubble in long term?
Yes, it is a bubble in long term and we all know that. Nevertheless we are talking 5+ years into future or over 200 trillion market cap. Right now it's too early to worry about that.
Recommendation
Choose Bitcoin or few alts. Invest into them today and just walk away for at least 4-6 month. Do not keep trading them because you will end up FOMO - ing and loosing your investment.
Enjoy this trade advice my Crypto Maniacs, but remember to invest only what you can afford to lose or you're going right back to poverty on drop. We are not your financial advisors.
#Bitcoin #BTC #BTCUSD #TrendAnalysis #CryptoManiac101
Both patterns are bullish in medium term with Downward wedge having greater chance for upward break which would be followed by bull run for few weeks.
Both of these patterns usually breakout after 70% - 77% into pattern with downward wedge taking longer, coming in at 74% - 77% vs symmetrical triangle at 70% - 72%
In other words we can say that out of 100 downward wedge patterns, an average number of 75 crypto coins or stocks broke out 75% into cycle.
Probability of each track that Bitcoin can take are outlined on chart, however keep in mind that they can be changed at any time period after each candle. Do not pay much attention to it, just keep in mind general directions Bitcoin may or may not take.
Indicators
MACD is bullish, no questions to be asked there
RSI / STOCH both indicate that we have room for further downward trend, unfortunately not neutral at all with majority leaning toward bearish.
Personal Take
We personally are bullish on Bitcoin no matter what and just like everyone here, we want to see a break already because we do not need to hit any more supports, bottoms or whatever else some analysts on here will say. We have gone through filtration cycle where newer investors were mostly kicked out of cryptocurrency after panic sells.
Nice thing about cryptocurrency is that it does not matter what indicators say... Most of the times they will do exact opposite. We saw that with ETC, with TRON, STRAT and many other high market cap and medium cap crypto.
Should you buy in or wait?
Medium term and long term investors can without question buy into Bitcoin or alts.
Short term investors should identify their risk ability and if one should decide that they want to minimize risk, then we would recommend to stay back. If you're willing to give it some risk, then enter with Stop Loss, but do not put into limit order. Do it manually just make sure you have access to exchange during majority of day time. If you are an investor who is willing to take a risk, then you should enter without Stop Loss.
Is this a bubble?
Yes, we actually got tons of messages asking us this exact question. Answer is a resounding NO. Not sure why you would even ask that question and compare it to dot com or tulip correction. They are incomparable at all. We are dealing with a different technology that is low on market cap still.
Is whole market a bubble in long term?
Yes, it is a bubble in long term and we all know that. Nevertheless we are talking 5+ years into future or over 200 trillion market cap. Right now it's too early to worry about that.
Recommendation
Choose Bitcoin or few alts. Invest into them today and just walk away for at least 4-6 month. Do not keep trading them because you will end up FOMO - ing and loosing your investment.
Enjoy this trade advice my Crypto Maniacs, but remember to invest only what you can afford to lose or you're going right back to poverty on drop. We are not your financial advisors.
#Bitcoin #BTC #BTCUSD #TrendAnalysis #CryptoManiac101
Note
As you can see from chart below 5D chart looks much more bullish. STOCH, RSI both indicate high growth potential. What does that mean when we look at both charts? It means that longer term outlook is much more promising then short term. What should you do? Go into longer term investment vs short termNote
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Here's another look at longer term trade which shows that we bullishly broke through resistance on 5D chart indicating either a short term mini bull run followed by massive one or mini one followed by correction which would confirm symmetrical patternNote
STOCH shows signs of possible short term pull within 12-24 hours to $6,800 regionNote
Sideways movement, let's see if our support staysNote
We are still on supportTrade active
Note
Short term support at $6,600Note
Secondary short term support at $6,400Note
In short to medium term I still believe that we will go to at least over $8,000 mark. We have strong buy indicators from MMAR, Moving Average and I believe there is a hidden divergenceNote
Note
Instead of looking at this as bubble burst, I see it in following way... We hit bottom in February, after that it has been continuous accumulation game from $10,500 - $6,000 this is huge because such accumulations tend to break out upwards of 10X and more after bull run goes throughNote
Give us a LIKE if you enjoy our ideas!Note
Alts are on sale right nowNote
Most alts have 100x potential within 12 month - don't miss itNote
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