CountOnCrypto - Bitcoin Analysis - 20/07/2021
Hello and welcome, firstly I'd like to state that my opinions should not be taken as investment advice; this is only an expression of my opinion via a TradingView idea.
My analysis is based on several trendlines, these have been drawn from the 2017-2018 bull run from the top of the previous resistance through different levels of identified support and resistance in the recent months and in-between.
So now, a complete rundown on the levels in the form of bullet points to both simplify my thoughts and give readers a better understanding of my theory and practice.
Finally, the 200-day moving average (yellow) and the 50-day moving average (purple) show the death cross on the 18th of June 2020. This is an event where the 50 day MA crosses under the 200 day MA signifying an expected sell-off in the coming weeks and months following. The opposite of this is a golden cross, you can see an example of this on the 20th May 2020 where soon after Bitcoin began its rally up to new all-time highs.
I am personally accumulating both bitcoin and ethereum now, I also trade the spot value and sell the difference for profit in stablecoin, specifically USDC. I will be using this to buy in lower which I expect to come in the next few weeks and months,
Based on the levels I have identified and the trendlines I have drawn, it gives me a clear plan and also clarity on where to expect support and resistance.
My analysis is based on several trendlines, these have been drawn from the 2017-2018 bull run from the top of the previous resistance through different levels of identified support and resistance in the recent months and in-between.
So now, a complete rundown on the levels in the form of bullet points to both simplify my thoughts and give readers a better understanding of my theory and practice.
- Blue - represents the mean of the trend, this takes us down to around 5k.
- Red - a major level of resistance turned support, this was highly significant during the start of 2021 as once this level broke it led to a parabolic rise in bitcoin's value. This is around 20k.
- Yellow - a level of resistance turned support, there was a large amount of liquidity in December around the 23rd in this area which is displayed by the way the price was respected until it broke above with large amounts of volume.
- Orange - a major support level which we tested around the end of January 2021, we had recently come back down to this level as speculated by many people including myself. Bitcoin holding this level meant that it was still showing signs of strength but as I am typing we have broken below and it appears this level has become a level of resistance.
- Purple - this trendline is drawn through both the top of the 2021 bull run and the previous high in December 2017, I have included it as it gives me an idea of where bitcoin may go in the future.
Finally, the 200-day moving average (yellow) and the 50-day moving average (purple) show the death cross on the 18th of June 2020. This is an event where the 50 day MA crosses under the 200 day MA signifying an expected sell-off in the coming weeks and months following. The opposite of this is a golden cross, you can see an example of this on the 20th May 2020 where soon after Bitcoin began its rally up to new all-time highs.
I am personally accumulating both bitcoin and ethereum now, I also trade the spot value and sell the difference for profit in stablecoin, specifically USDC. I will be using this to buy in lower which I expect to come in the next few weeks and months,
Based on the levels I have identified and the trendlines I have drawn, it gives me a clear plan and also clarity on where to expect support and resistance.
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Telegram Profits: t.me/CountOnCryptoProfits
Telegram Reviews & Testimonials: t.me/CountOnCryptoReviews
Telegram Contact: t.me/CountOnCrypto
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