Long

Bitcoin Eyes +70K by April 2022

Updated

A couple of false perspectives and sentiments in BTC (Rising wedge, on weekly; declined trading volume). Note that the current cycle has just simply reduced in pace and momentum is slower than 2017. This is due to the fact that 1BTC = 50K, and more adoption, less volatility. This shouldn't be confused with technicals and congratulations, bitcoin now has a solid fundamental market sentiment. Current holders have increased, and most of the money is locked in. I still expect a rally in Feb/Mar ("Dec 26, 2021: That will be all and enough for Feb/Mar rally and a new ATH towards 70000+")

following my comment on investing com

Note

Bitcoin sells on Fed Rates and extreme fear of the upcoming bear market. I do not think that we are there yet as there has been more adoption than we had 2017 (4Y Cycle case). The maximum dip should be around EMA100 which is 35K approximately. Below that is an extreme volatility bottom of 25000. Bitcoin is still in a bull market and I expect a rally as stated above.

Note

One idea is that this will stay in a consolidation rectangle. So, if you are short-term trading, buying low near 32K will define a good entry point to sell for 42, 50K.

Note

Note

Intra-channel on a weekly time frame remains the best bet. Buy low sell mid- and High-. Bitcoin should settle either around channel bottom (30K) or 200W avg currently (25K) above last ATH. At present, it is -51% down, whereas in May 2021 it was -53% down. Then consolidated for 2-months. If we can exhaust Feb, Mar as consolidation, I expect April to do good. It all depends, on where do we position the bottom. I keep loading low.

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This seems to be the beginning of a reversal from the channel low. If so, I still consider a rally till Apr 2022. On the other hand, odds for a lower low increase if bitcoin retests 30K again.

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Welcome April 2022:

a) Bitcoin held the channel bottom after breaking below the rising wedge. Strong consolidation pattern.
b) Monthly looks promising and bullish.
c) Alts need a run before Bitcoin regains momentum.

Note

Bitcoin continues to play in sideways and extend the consolidation within a rising channel. Overall, stock market and financial market is bearish. Crypto should be a hedge as DXY increases.

I still expect bitcoin to resume an uptrend irrespective of the time line....Hold!

Trade closed: stop reached

cryptoshort

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