We gonna be alright
After studying on-chain analytics, charts, and researching many fundamentals, I am long at 48,000 (and also long on ETH at 3700) and bullish on the crypto market going forward. I might be one of very few remaining bullish, but extreme fear is often followed by big moves upward. OI is at a low, bitcoin continues to flow out of exchanges. RSI is very oversold, and finally showing some hidden divergence.
While everyone else is calling for the top being 69,000, I'm maintaining my base case prediction of 100,000 by May. I'm not calling 42,000 as the bottom, but I believe it'll be close to it if not. It may chop around this level for a while before heading back up, but I think the move up is inevitable. It will be interesting to see if the four year cycle becomes invalidated or if we simply see an extended super cycle. I believe variant fears will subside, and Q1 2022 will be bullish, regardless of inflation concerns.
I'm also super excited to see where ETH/BTC goes. Very bullish there and I could see some big moves by ETH coming as well.
This is basic TA as I'm still a beginner myself, but I wanted to share my thoughts and also hear others' opinions, whether contradictory or in agreement.
BTCUSDBTCUSD
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.