BTC - JUST HOW BULLISH ARE WE?
Hey everyone. I have a BTC and general market analysis for you. This idea shows just how low we could go AND STILL be considered BULLISH! ITS IMPORTANT to know this especially in a market where market manipulation exists .
IT"S VERY EASY to get ahead of ourselves when the market has been bullish for a while and not even consider downside targets on higher timeframe charts. This can catch many people off guard.
On this chart you can see that BTC is forming a potential ASCENDING TRIANGLE on the DAILY but this can take time to play out completely and there's still a lot of room for movement.
IT IS EVEN POSSIBLE to head back down to the 50K area as the RED LINE shows and it would still look NORMAL. The CRITICAL AREA for this to happen is the 50EMA. Notice the 200D EMA is down there near the bottom of the ascending triangle and that's our last line of DEFENSE!
The YELLOW LINE shows WHAT I CONSIDER A MORE BULLISH scenario than possibly even the GREEN LINE. It takes time trading sideways potentially even forming a giant bull flag on the chart with 94K target level. These ideas playing out would be something different than MOST PEOPLE ARE TALKING ABOUT right now and IF they happen I believe more people will start recognizing what I've mentioned in a few previous charts about EXTENDED MARKET CYCLES. Most people ask me "What will BTC be by the end of the year"? Well look at the red and yellow lines and you can see IT IS DEFINITELY POSSIBLE to be right where we currently are at the end of the year and STILL BE CONSIDERED BULLISH. The market could very well play out into next year... The truth is there is a WIDE RANGE of possible outcomes.
THIS CHART IS NOT INTENDED to predict a certain way but to show a few different ways BTC can go from here and still be considered BULLISH ON A MACRO LEVEL.
The FEAR/GREED INDEX right now is 77-EXTREME GREED suggesting the market needs to cool down.
Hope you guys like the analysis. It's about being prepared for potential changes in the market trend and not getting ahead of yourself.
If you like this idea please LIKE, FOLLOW, and SHARE. It's appreciated. Been busy working lately but I have some time available the next few days so I plan to have more charts and analysis coming soon.
Take Care.
* This is NOT financial advice. This is just an idea based off my experience. Please do your own research before investing or trading.*
IT"S VERY EASY to get ahead of ourselves when the market has been bullish for a while and not even consider downside targets on higher timeframe charts. This can catch many people off guard.
On this chart you can see that BTC is forming a potential ASCENDING TRIANGLE on the DAILY but this can take time to play out completely and there's still a lot of room for movement.
IT IS EVEN POSSIBLE to head back down to the 50K area as the RED LINE shows and it would still look NORMAL. The CRITICAL AREA for this to happen is the 50EMA. Notice the 200D EMA is down there near the bottom of the ascending triangle and that's our last line of DEFENSE!
The YELLOW LINE shows WHAT I CONSIDER A MORE BULLISH scenario than possibly even the GREEN LINE. It takes time trading sideways potentially even forming a giant bull flag on the chart with 94K target level. These ideas playing out would be something different than MOST PEOPLE ARE TALKING ABOUT right now and IF they happen I believe more people will start recognizing what I've mentioned in a few previous charts about EXTENDED MARKET CYCLES. Most people ask me "What will BTC be by the end of the year"? Well look at the red and yellow lines and you can see IT IS DEFINITELY POSSIBLE to be right where we currently are at the end of the year and STILL BE CONSIDERED BULLISH. The market could very well play out into next year... The truth is there is a WIDE RANGE of possible outcomes.
THIS CHART IS NOT INTENDED to predict a certain way but to show a few different ways BTC can go from here and still be considered BULLISH ON A MACRO LEVEL.
The FEAR/GREED INDEX right now is 77-EXTREME GREED suggesting the market needs to cool down.
Hope you guys like the analysis. It's about being prepared for potential changes in the market trend and not getting ahead of yourself.
If you like this idea please LIKE, FOLLOW, and SHARE. It's appreciated. Been busy working lately but I have some time available the next few days so I plan to have more charts and analysis coming soon.
Take Care.
* This is NOT financial advice. This is just an idea based off my experience. Please do your own research before investing or trading.*
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.