Bitcoin Breakout Confirmed!
Bitcoin had been in a Downtrend for 3 months, until now
No matter how you draw your lines from the previous all time highs, bitcoin is no longer in a downtrend.
After more than 3 months of basically doing nothing but go down, bitcoin has finally broken the trend.
Check it out:
(Source: https://twitter.com/TheCryptoLark/status/1490476395616620547/photo/1)
This means the current move up isn't like to die in the near term.
Breaking a 3 month downtrend is a big deal and something that will likely last for weeks to months.
There isn't much resistance on the charts till around the $46k area, but I suspect this move will push well past that price.
A lot of how high and long the move lasts will depend on what comes out in that executive order coming out from the White House in the next couple weeks.
Thank You for sharing Your insights...
bitcoin to the mooon
Don't agree: https://steemit.com/bitcoin/@soveranger/bitcoin-dip-likely-not-over
Not sure what you don't agree with. The price could bounce and still eventually go lower to your target. Though, keep in mind that every day that goes by your target goes higher and higher as that moving average inches up...
Either way, my point was that it broke the downtrend, which isn't even up for debate, and breaking the downtrend is usually go several weeks if not months of gains.
Thank You for sharing...
And the further the price drops, the more it also flattens down, which is why I cautiously put my bottom target a bit forward to 24k.
I didn' t agree with the notion of this being the end of the correction.
"Either way, my point was that it broke the downtrend, which isn't even up for debate"
Ever heard of a bear trap?
But, by all means, go all in at this point. Put your money where you mouth is on a leveraged long and let's see how it goes ;-)
Whether it's exactly at 24k or not: BTC is extremely likely to hit that 200 weekly SMA at some point in the nearest future. History is on my side.
Notice my call on etherum's cup-and-handle formation at it's previous all time high:
https://steemit.com/ethereum/@soveranger/massive-cup-and-handle-pattern-forming-on-ethereum-monthly
I'm not saying I'm a TA genius, but I've made some damn good long term calls and they keep coming :-)
I'm not even sure what you are debating at this point... I never said the bottom was for sure in, I said the 3 month downtrend has been broken, which it has. If the price ends up pulling back and making a lower low that won't change the fact that it broke that 3 month downtrend. It will be a new downtrend at that point. My comment was that when you get a downtrend break like the one we are seeing now, it is "usually" good for a multi week bounce, if not more. That is all I have said, nothing more nothing less.
Thank You for sharing...
Told you:
On that picture looks like another manipulative move? Like BUY!!!! signal) "What You are waiting? To the MOON!!!")
How can you tell the difference between a "manipulative move" and an organic one?!
I mean, could be like that
Thank You for sharing...
Upvoted! Thank you for supporting witness @jswit.
it's good news
Looking forward to good news
Great analysis!
Thank You for sharing...
Its looking so good