Long

KISS BTC

By RedArtic

Updated

Keep
It
Simple
Stupid

That's my approach on this one.

Note

In case you are wondering about that support line

Note

Well who would have thought that the multi year support would be so reactive.

Told you

KEEP
IT
SIMPLE
STUPID

Note

BTC got above the 50MA after opening. If we can hold this momentum until the close we can expect the top of the channel to be tested.

Note

Wow beautiful, we reached the top of the channel a couple days ago and before updating this post I wanted to see Bitcoin's reaction with the trendline. Well, to me it looks like there is a Bull Flag building up under the resistance.

I suspect the target of the next run up being 9200 (200MA) to 9400.

The next thing I would watch for is a retest on top of the downtrend channel and the Golden Cross on the Daily. It looks like it could happen by the end of January.

Note

end of January/Beginning of February.

Note

Looks like we've hit the 200MA as predicted and it acted as strong support. Just short of the 9200 target.

Daily MACD crossing down, and It looks like we're about to retest the upper channel trendline. If it holds it will confirm the next move up.

On the 4h chart we can see that the 200MA is around the trendline that we are about to retest.

Let's see how everything plays out. Target 8k

Note

Ok sweet NEW UPDATE!

We got a nice run up out of our falling wedge.

Now...

Price followed through, currently sitting at 8875 BTC. That's a nice showing from the bulls. We bounced on higher fibs by completing the wedge pattern.

Now the things is BTC still has this 200MA sitting right above it at 8900, and the 50MA is way below at 7750.

I think that BTC won't get a follow through on this. I think we will get stopped by the 200MA. Note that if we don't this will become extremely bullish, and will be confirmed as a wave 3 when we break the previous high. The thing is... wave 2 can retrace 100%, so this can last a while.

Here's the current BTC chart with the idea drawn up
Don't forget that the Daily Golden cross is coming next month on BTC.

Always wait for the candle close.

RedArtic

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