Is Bitcoin Preparing for a Breakout?
Bitcoin seems to have confirmed a bullish ascending triangle pattern. That does suggest a break up, targeting approximately $9,750. This doesn’t mean it’s definitely going to break up. We know bitcoin has a history of painting bullish or bearish patterns, only to lure in guppies and take price in the opposite direction. Regardless, probability is in favor of a bullish break up to at least $9,600-$9,700. Volume remains lackluster as traders wait for confirmation of a larger move. I think that larger move will likely come in the next 48 hours.
Zooming out to a more macro level, we can see the prior swing high on the MONTHLY chart was created back in July of 2018. This is interesting because last months candle found resistance right at that swing high (roughly $8,500). This month's candle seems to be finding support at that same spot. If we get this month's candle closing above $8,500, it would be an extremely bullish sign of strength IMO.
In today’s video I’ll discuss key areas to watch, price targets, traps to avoid and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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That looks good Workin, I think you've called the most likely scenario.
I was taking a look at long-term volume a little earlier, especially now compared to late 2017. Wow, just wow! I think that people are going to lose their minds when they see how hard this bull is going to run!
Completely agree BB. I also think btc will perform better against altcoins compared to 2017. Everyone is expecting slow steady BTC gains and 1000x for alts. I'm not so sure. Big money is interested in success, not major speculation. Certain alts will not doubt beat BTC in terms of profit, but many others will die off as investors demand a real world use case. Just like the 2nd dot.com boom, projects will need to put up or shut up. Too many have been burned by smoke and mirrors and won't make the same mistake twice. I think BTC is going to do much better than expected.
I have no doubt that BTC will lead this charge. Last year I thought otherwise, but it is clear that as the masses come aboard the crypto train, "BTC" is the only name they know and trust. I think the alts will do well again, they'll just need time to take off. Only once the new investors are comfortable with BTC will they branch out. This will be slower than before because the newer wave of investors will probably be less adventurous than the pioneers of the past ( I may be wrong about that). I doubt that the "once bitten, twice shy" logic will apply. It will to old investors who bought bad coins, but I think they will be far outnumbered by new money.
Hey, as long as the bulls are running, I'm happy. Where they run to doesn't really matter!
I think the difference is, the 2017 "new money" getting in was all those with a get rich quick mentality. It was based on pure and FOMO. This time around, the new money getting in is "smart money" (not my term). They will do their homework and not FOMO into the first thing that sounds revolutionary. This is a major difference.
The get rich quick type will likely follow the "once bitten, twice shy" logic with regard to crypto simply because they were severely burned, or know people who were severely burned in 2018. Same thing happened the second time around with the dot.com boom.
Regardless, I agree with you...as long as the bulls are running, who cares.
Good point.
Counter argument: never underestimate the stupidity of people.
Re-looking at our two points of view, I now believe that they may essentially cancel out and that behaviour will be much as it was previously.
Haha...could be BB. I'm just enjoying the show ;-)
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