BTC – for the bullish case to move higher with following evidence
1) Just bounced off 200 EMA - hammer or close enough - not shown on the 4hr here only pic of it in close up.
2) Bounced off BAGL - bottom ascending grind line or trend line for support - multiple touches going back
3) Ascending triangle off the 4 hr chart not perfect but good enough
4) Volume volatility approached limit which signaled a potential turnaround - not shown
5) Blackrock did not sell its BTC out of its ETF fund, it used other Blackrock companies to redistribute during recent selling by other companies during recent sell off
6) Banks and institutions will not buy BTC when its price is along way from the 200 day moving average because when it moves back to touch the 200 Daily EMA they will incur losses. Its much safer for a fund manager to buy when the gap between price and 200 EMA is low.
7) As most of the buying into the BTC ETFs was done by the hedge funds then its maybe now the turn for the banks/institutions to buy into BTC which will be enough to push the price back through the ATH band 70-72k which then triggers a new way of short covering taking BTC to 100k round number.
8) Small triangle now may be the trigger signal to move BTC up. It may not make it all the way to ATH and push through it but its a nice entry point just in case. Better to buy here then chase in later on and if wrong then you have plenty of time to move stop up and get out safely. With the goal not to be shaken out with no risk once stop is moved up.
9) 3 major touches to ATH breaking out if reached again we should be watching closely.
10) Multiple IH&S, the large one targets on BTC takes us up to approx 100k - the triangle may help do the first heavy lifting to trigger the other two
1) Just bounced off 200 EMA - hammer or close enough - not shown on the 4hr here only pic of it in close up.
2) Bounced off BAGL - bottom ascending grind line or trend line for support - multiple touches going back
3) Ascending triangle off the 4 hr chart not perfect but good enough
4) Volume volatility approached limit which signaled a potential turnaround - not shown
5) Blackrock did not sell its BTC out of its ETF fund, it used other Blackrock companies to redistribute during recent selling by other companies during recent sell off
6) Banks and institutions will not buy BTC when its price is along way from the 200 day moving average because when it moves back to touch the 200 Daily EMA they will incur losses. Its much safer for a fund manager to buy when the gap between price and 200 EMA is low.
7) As most of the buying into the BTC ETFs was done by the hedge funds then its maybe now the turn for the banks/institutions to buy into BTC which will be enough to push the price back through the ATH band 70-72k which then triggers a new way of short covering taking BTC to 100k round number.
8) Small triangle now may be the trigger signal to move BTC up. It may not make it all the way to ATH and push through it but its a nice entry point just in case. Better to buy here then chase in later on and if wrong then you have plenty of time to move stop up and get out safely. With the goal not to be shaken out with no risk once stop is moved up.
9) 3 major touches to ATH breaking out if reached again we should be watching closely.
10) Multiple IH&S, the large one targets on BTC takes us up to approx 100k - the triangle may help do the first heavy lifting to trigger the other two
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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.
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.