This is a very simple analysis. I'm watching the macro pattern playing out on Bitcoin's monthly chart. Of course the top resistance level is subject to some interpretation, but its not unreasonable to log a flat trendline, which suggests a bullish ascending triangle. Statistically these break to the upside more than the downside.
Combine this with heavy accumulation indicated in on-chain data, generally bullish netflows, and now with Open Interest effectively reset, and you have a recipe for more upside.
Of course bulls will have to navigate some other macro economic factors like the US fed tapering, COVID variants impacting markets, possible SEC interference, and a weak holiday session. So in any case, trade safely.
Combine this with heavy accumulation indicated in on-chain data, generally bullish netflows, and now with Open Interest effectively reset, and you have a recipe for more upside.
Of course bulls will have to navigate some other macro economic factors like the US fed tapering, COVID variants impacting markets, possible SEC interference, and a weak holiday session. So in any case, trade safely.
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.
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.