pnaik732

pnaik732

Aside - but notice that the GBTC premium has risen from -20% to now near -13%.... there is definitely demand, or at least belief that some day it will be converted to an ETF P.S. How to plot the GBTC premium (in percent): (OTC:GBTC­/(0.00093489*BITSTAMP:BTCUSD)­-1)­*100

pnaik732

Sandwiched between ATH and the "Scene of the crime line".... right on the 4h head and shoulders line... healthy consolidation

pnaik732

Assuming this is not a fake out, on to 75k. That will be a tough resistance; if cracked 100k, 130k achievable given past patterns of 2x gains after breaking all time highs. If it is a fake out, still room for consolidation or even pull back to the (inverse) head and shoulders line.

pnaik732

Definitely confirmed above the big head and shoulders neckline. If BTCUSD gets past 60k, which is looking very likely given the strength lately, 65k is extremely high probability. *If* it busts through 65k quickly (bitcoin futures ETF hype, etc...), looking at 75k and beyond (unless there is a "Black Swan" event). Otherwise consolidation. The head and shoulders...

pnaik732

Back to the last big resistance before all time highs.... all eyes on BTCUSD here.

pnaik732

Finding support here on the highest downward-sloping diagonal. BTCUSD bulls would love a resumption here. All eyes on the line.

pnaik732

It is fun drawing lines on charts. Triangle time again. Looks like BTCUSD is in the eye of the storm. Next trendline is a big one.

pnaik732

Guess we're going up to challenge the big resistances.

pnaik732

Could go either way, but this seems more like bullish consolidation here; if not then BTCUSD is not the only market in trouble.

pnaik732

to fifty-seven K Looking strong in the long channel

pnaik732

Too early to call it a breakout, but a positive sign for the bulls.

pnaik732

Building energy to get back into the uptrend.... the suspense

pnaik732

Bounced just above the 20-week Bollinger Band on the weekly time frame. Great entry/add position for anyone who caught it. Who knows what happens next. Possible re-test of 20 SMA or 21 EMA, or back down for another test of the lower Bollinger Band.

pnaik732

Bitcoin below 21 week EMA and 20 week SMA, and broke below 54 support on the RSI. Still not too late for a rebound, but looking weak. Seeing some support at the 200 day EMA now, if that doesn't hold, next stop 200 day SMA.

pnaik732

Had to be patient, but finally. Note that the lower Bollinger Band is in play now, given how long this took, and also the head and shoulders pattern on the daily. For Non-HODL or future HODL positions, from here is great for long term accumulation, if one believes the bull run is not over.

pnaik732

Which way? Either going to the 21 week EMA or the top of the Bollinger Band. I still think BTCUSD sees the 21 week EMA first, with possibly a touch of the upper Bollinger Band before. Weekly close above the upper Bollinger Band is the start of the next leg higher.

pnaik732 Updated 

GBTC just bounced off its 21 week EMA (approximately). Accounting for the GBTC current discount, this means holders of GBTC think the bitcoin contained within it is worth about $44k. BTCUSD has yet to test the 21 week EMA, which is also near $44k. Great long-term entry if it gets there, and one believes that BTCUSD is still in a bull market.

pnaik732

A lot of strength here, but still in no-man's-land on the weekly. There's a chance BTCUSD makes a run for the upper Bollinger Band soon. Might be worth a trade-around position from here to there, if near-term bullish. Expecting the upper Bollinger Band to provide very strong resistance. Would become long-term bullish on a weekly close above the upper Bollinger...