BTC Weekly: Long-Term Bullish Shark Harmonic?
Updated
Lets take a look at the BTC weekly chart technicals:
For chart analysis, we can see we are nearing the red line at the bottom, which represents the lowest possible trend floor at around 5.5k along with other support lines at 17k and 10k.
We could see a breakout from the large, declining triangle pattern which I believe is a Bullish Shark Harmonic Pattern. If it proves a valid reversal indicator we could see a good rally from around 112K - 13k. This is my observational opinion.
Alternatively, we could see it test the 10k mark support line below the triangle before a confident reversal signal! I believe this is a more bearish view, but possible.
If we look at market cap indicators, TOTAL, TOTAL1 and TOTAL2, we can see buying volume is higher for BTC relative to altcoints, indicating a possible influx to the largest cap currencies such as ETH, XRP, ATOM, HBAR, etc.
Is This a DCA Oppertunity?
My TL;DR opinion? Neutral-bearish on the short-term, bullish on the long term. Cautiously engaging with solid DCA strategies from these prices.
If we take a look at the wider economy and political climate, there is a tremendous amount of uncertainty surround FIAT after the dollar’s overwhelming rally against the Euro, GBP, and JPY! Gold lost a key support level at $1,700, and major indicies such as NASDAQ are still underperforming.
Whilst crypto is classed as a high-risk asset, some investors are noticing this moment of stability compared to the rest of the global market. It is impossible to make a perfect prediction and we could absolutely see some Lower Lows on crypto before a relief rally.
Silver is a commodity on the radar that could be showing signs of a major upswing, although I have yet to do a confident analysis on it.
With all that said I would personally be comfortable DCAing into crypto from here over time, with the expectation of another respectable dip before a full reversal🙏
Note: Nothing posted constitutes as financial advice, or any form of advice, and is designed to inform and educate!
RSI is at major lows
Repeated testing of 17k support
Signs reversal on the MACD+Stoch indicators
Increased buy volume on BTC/USDT for KuCoin and Binance
For chart analysis, we can see we are nearing the red line at the bottom, which represents the lowest possible trend floor at around 5.5k along with other support lines at 17k and 10k.
We could see a breakout from the large, declining triangle pattern which I believe is a Bullish Shark Harmonic Pattern. If it proves a valid reversal indicator we could see a good rally from around 112K - 13k. This is my observational opinion.
Alternatively, we could see it test the 10k mark support line below the triangle before a confident reversal signal! I believe this is a more bearish view, but possible.
If we look at market cap indicators, TOTAL, TOTAL1 and TOTAL2, we can see buying volume is higher for BTC relative to altcoints, indicating a possible influx to the largest cap currencies such as ETH, XRP, ATOM, HBAR, etc.
Is This a DCA Oppertunity?
My TL;DR opinion? Neutral-bearish on the short-term, bullish on the long term. Cautiously engaging with solid DCA strategies from these prices.
If we take a look at the wider economy and political climate, there is a tremendous amount of uncertainty surround FIAT after the dollar’s overwhelming rally against the Euro, GBP, and JPY! Gold lost a key support level at $1,700, and major indicies such as NASDAQ are still underperforming.
Whilst crypto is classed as a high-risk asset, some investors are noticing this moment of stability compared to the rest of the global market. It is impossible to make a perfect prediction and we could absolutely see some Lower Lows on crypto before a relief rally.
Silver is a commodity on the radar that could be showing signs of a major upswing, although I have yet to do a confident analysis on it.
With all that said I would personally be comfortable DCAing into crypto from here over time, with the expectation of another respectable dip before a full reversal🙏
Note: Nothing posted constitutes as financial advice, or any form of advice, and is designed to inform and educate!
Note
Comment: We are seeing a divergence between the RSI on the weekly and the price. With the RSI going up and the USD value of BTC going down. This is usually interpreted as a bullish divergence, that indicates possible overselling and a subsequent rally.This would fall in-line with the initial bullish Shark Harmonic strategy, although we could see more intense volatility on the final up-down-up swing. (light blue line)
Trade active
Going smoothly so far, BUT I am not fully convinced that we will rally from here. The sentiment online is very mixed. It is important to reavaluate your own strategies.I still anticipate a possible drop, which could invalidate the rest of this TA.
With that said, I am priced into several altcoins already, so will have no complaints if the TA continues to be valid and we fly from these prices! ☺️
Play both sides!
Trade closed: target reached
Completely forgot to share, but I closed the trade a few days ago after it reached the peak profit taking point. Almost perfect price action against my original TA, so I'm very happy.I am now scaling into several alt-coins and will continue to do so from >20k to 15k in anticipation of a bullish recovery in the next few months. There are, ofc, supports at 10k and 5k, which would be the ultimate bearish scenario and an oppertunity to DCA even lower.
Be mindful, be patient, don't fomo, and trust the process.
*Not financial advice
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