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BITCOIN Will this move be a historic first?This is BTC on the 1W time-frame in order to get all of its historic price action on one chart as I'll be looking at each Cycle on a Fib approach. As you see each time Bitcoin made a Bull Cycle Top (red arrow) the subsequent Bear Cycle that followed never reached as low as the Previous Cycle Top (ATH) or even the 0.618 Fibonacci retracement (blue line) from the time the rise (on the previous Bull Cycle) turned parabolic. As parabolic I define the time it started rising aggressively following the last major pull-bac below the (at the time) ATH. I see a growing sentiment in the crypto community that calls for a low at 20k or below. Even though that would represent an excellent long-tern buy opportunity as it would put BTCUSD again inside the long-term logarithmic Growth Curve (the dashed lines zone consisting of the lows and highs during Bear Cycles), it would mark the first time that Bitcoin will make a Bear Cucle Bottom by hitting the 0.618 Fib and the Previous ATH. What do you think? Are we ahead of a historic first for Bitcoin or $65000 wasn't this Bull Cycle's Top? Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> pablito1986z --------------------------------------------------------------------------------------------------------
INDEX:BTCUSD
by TradingShot
91
Bitcoin: to buy or not to buy? This is the question.In our last article, we analyzed the prospects of BTC and wrote that in long-term movement, expectations are almost bullish. This week Bitcoin is on the rise again, pushing over the $40,000 mark for the first time since late May. The latest news is mostly positive for crypto: + BTC adopted as national currency (by El Salvador). A world first! + Elon Musk has changed his mind. 😊 And maybe Tesla will accept BTC again. + Institutional players are loyal to cryptocurrency. Microstrategy plans to have 5% of its portfolio in BTC. - Indonesia’s central bank will prohibit the use of cryptocurrencies as a payment tool. So, let’s deep dive into the crypto market news and charts analysis. BTC and El Salvador: is it an honor to be a legal tender of a country in anarchy? El Salvador became the first country to make bitcoin a legal tender alongside the dollar. El Salvador’s government also announced a plan to use volcanic thermal energy for BTC mining. Sounds surreal, but it’s true. The Crypto community is excited about this news! Google searches for “El Salvador” reached an all-time high (ATH) following the announcement. Nayib Bukele stated that the government would give citizenship to individuals who invest bitcoin in the country’s economy. To be honest, I doubt There will be a large number of applicants. El Salvador isn’t a rich country. For comparison, BTC capitalisation is 20 times more than the GDP of El Salvador (in 2020 GDP it was 24.61 billion US dollars). The criminal situation in the country is dangerous. El Salvador’s homicide rate is among the world’s highest. Gangs exercise territorial control over specific neighborhoods and extort residents throughout the country. Approximately 60,000 gang members operate in at least 247 of the country’s 262 municipalities, according to media sources. In conclusion, I think it's hard to call the news of BTC adoption in such a country as El Salvador, 100% positive. It’s a milestone, but the question remains whether the designation of bitcoin as legal tender by a country with high-level corruption and criminality has mechanical implications for its treatment in much larger economies under tax law, banking and financial regulations, and other areas. What about crypto adoption in other countries? The president of Tanzania Samia Suluhu Hassan told the East African nation’s financial chiefs to prepare for the wider adoption of cryptocurrency around the world while in the US, the Texas Department of Banking issued a notice last week confirming that state-chartered banks could hold Bitcoin. But it doesn’t mean that all governments have started to be more friendly toward cryptocurrencies. Indonesia’s central bank will prohibit the use of cryptocurrencies as a payment tool. But, at the same time, the country is preparing to launch the CBDC. Elon Musk and his Twitter tweets. Yes, again. The main source for the latest push in BTC is Elon Musk (sometimes I call him “Chief of the Crypto Central bank”. Jokingly, of course.) But Elon’s impact on the crypto-community is huge! 

The Tesla boss suggested that Tesla could start using the digital currency as payment once more if 50% of the energy for its mining would be ‘green’. Seems like the idea with El Salvador’s volcanoes has at least one follower, a quite important one.And that just a month after ruling it out, because of the allegedly unsustainable energy usage involved in mining. After the previous announcement, BTC’s price jumped. Then, when Musk tweeted that bitcoin wouldn’t be accepted and Tesla cited environmental concerns, the price dropped significantly. Another strange thing: Elon Musk sent his previous important tweets about BTC payments and the energy usage involved in mining on the 13th of May and then his new announcement exactly 1 month later - on the 13th of June. Looks like a content strategy. We’re waiting for July. Institutional players are loyal to cryptocurrency. In our last article, we showed that short-term investors had sold off their BTC holdings during the recent crash. But some long-term holders have since doubled down. Such is the case with MicroStrategy. In an official statement on Monday, MicroStrategy disclosed that it has completed the sales of secured notes due in 2028, raising approximately $488 million, all of which the business intelligence company will use to acquire more Bitcoin. The company further plans to allocate another $1 billion in the primary cryptocurrency after a new stock offering. If it’s not clear from all the complicated words, this is the workflow: 1. Raise the capital (sell the stocks). 2. Buy BTC. Simple and brilliant idea! If you’re an IT giant. However, just as a reminder, self-trading on borrowing or debt is a dangerous strategy. The same as walking through the night-time streets of El Salvador, flaunting your new Rolex. Institutional investors were keen on the MicroStrategy offer. The company reportedly received more than $1.5 billion in orders, while its shares surged by over 15% following the announcement. This suggests investors are still bullish on the future of Bitcoin despite the recent market correction. What about the BTC price? At the moment of writing, Bitcoin is at $39,271, recovering and breaking out of its recent trading range, having collapsed from a record peak of almost $65,000 in April. If we have a look at the smaller time frame, we can see that the price is still inside the range. However, after potentially breaching the nearest resistant level at $40-41,000 per BTC, the next target will be at $50,000
 Disclaimer: All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as a recommendation or as a guarantee of any specific outcome or profit. If you like this article and want to get more, please, share it on your social media. Thanks for your support! Olga Prokhorova
Chief Educational Officer VRM trade
COINBASE:BTCUSD
by VRMtrade
Bitcoin at initial stages of Bull Market. As suggested in my previous analysis that Bitcoin will bounce off 34 K zone as it was falling at 0.5 of Fibonacci level and it exactly bounced off the same point. By completing that bounce, things started to look Bullish for Bitcoin. Going by the chart, next major stop for Bitcoin will be at 45K zone at wave 3. However this should take more than a week to reach to that point. The figures on the chart are just estimates, however Bitcoin should move around those figures. Coming weeks will validate these numbers. Overall I am positive on upcoming Bull Market If you like my analysis then do drop a LIKE and a COMMENT. Also do SHARE it with your friends. Also don't forget to smash that FOLLOW button to get daily analysis of multiple crypto currencies and sometime ASX stocks. Note - These are my personal notes and in no way a financial advice. Do your own research and Trade wisely
Long
by Manjyot
5
BITCOIN What to look for on the emerging 1D Death CrossYesterday update was on the short-term, as the opportunity inside the Channel Down on the 1H time-frame was too good to ignore: Right now though my focus shifts again on the longer-term dynamics as the Death Cross, an important MA formation, enters the center stage. A Death Cross (when the MA50 crosses below the MA200) is approaching on the 1D time-frame. By definition it is technically a bearish formation as the short-term MA (50) crosses below the long-term MA (200) confirming a trend change from (previously) bullish to (currently) bearish. ** Death Cross on every Bear Cycle ** As you see on the charts above, this has been a distinct characteristic of all of the previous Bear Cycles (2018, 2014, 2011). Even the mini correction during 2019. The only time a 1D Death Cross didn't deliver a Lower Low was in March 2020 on a once in a 100 years event: BTC crashed along with global stock markets as countries declared emergency ahead of the COVID pandemic. However the trillion USD rescue packages managed to reverse the sentiment and lift BTC instantly. ** Death Cross misses ** There have been a few near misses where the 1D MA50 (blue trend-line) reversed right before it touched the 1D MA200 (orange trend-line). That was in October 2020, September 2016, August 2013 and April 2011. The peculiarity of those Death Cross misses, was that the 0.618 Fibonacci retracement level (from the lowest point before the pending cross) was recovered (exception 2016 where the 0.618 was failed to be recover by a very low margin $646 against a $633 high). ** In need of an unrealistic (?) rally ** Currently the 0.618 Fibonacci rectracement level is at $48000 and it appears that even that won't be enough to make BTC avoid the upcoming 1D Death Cross as it would need a monthly closing (June) above $54000 (and of course the same goes for July, August onwards) to marginally avoid it. There are 21 days left on June so that would require an average daily rise of more than $850. Under the current news set-up this seems unrealistic, even though Bitcoin did rise from $3200 to $58300 in 20 days (from February 01, 2021 to February 21, 2021). So since the current 1D Death Cross seems unavoidable, history suggests that a Lower Low is comming either in the greater framework of a Bear Cycle (2018, 2014, 2011) or the mini Bear of 2019. If not, then some really earth shattering postivie news should emerge in order to deliver a March 2020 like recovery after the 1D Death Cross. Are the El Salvador or ETF approval news enough? What do you think? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> crypto-strong --------------------------------------------------------------------------------------------------------
INDEX:BTCUSD
by TradingShot
54
BITCOIN about to form a 4H MA50/100 Bullish Cross. The big technical development of this week should be the emerging MA50/ MA100 Bullish Cross on the 4H time-frame (the 1st in more than 1 month). Such crosses are typically formations that precede a strong move on Bitcoin and since it has been trading within a Triangle (Lower Highs and Higher Lows) since the May 19 bottom, it is very likely that this formation will break the pattern. But which way will it break to? To put this into a better context, I have applied the Pitchfork tool starting from the 65k High. As you see all of its downside levels have been hit (exception the 2.0 level) both as Supports and Resistances. The levels that haven't been tested to the upside are 1.0 and 1.5 (naturally 2.0 too but that is pending on the lower levels too). Right now the 4H MA200 (orange trend-line) sits on the 1.0 level. Is this a sign that the 4H MA50/100 Bullish Cross will force the price to the upside and attempt contact with the 4H MA200? Or we'll continue south and test the lower extensions again (1.0 and 1.5)? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoSurfer007 --------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSD
by TradingShot
94