The bull market is back!

in #bitcoinlast month

Above a chart of the total crypto market.
We've found support on an important level in November and December and have now broken through the down sloping trend line from these lows in impulsive fashion.

Don't forget to look at the volume, which has been pretty spectacular for almost a year now. This is a good and convincing breakout!

This breakout is confirmed by the Huobi10, for which we would like to see some more volume, although we have three days left.

Coinmarketcap has launched its own index on the Nasdaq, Bloomberg and a Suttgart exchange: the CMC200, which is obviously improving too.

Bitcoin itself is less clear.

The BTC total market cap (amount of bitcoin x price) is breaking out with a significant rise in volume. Beautiful long term weekly support line by the way.

But, if you look at a regression channel on a non-log style chart, it's not so clear any more and we might just as well drop to new lows as below.

This is supported by the fact that wave 3 was exactly 1.618 times wave 1, which stopped at exactly the 61.8% retracement level from the October to December move down.

But I don't believe the bearish scenario any more.
I am trying to sell my puts at 50% loss and I have increased my futures long position somewhat which I hopefully can increase more, if we can get a nice pull back. I'm hoping for the above scenario, which will give the indicators a change to retrace from overbought conditions: en passent creating a large H&S reversed pattern.

Dash is probably the star of this breakout, more than doubling in value in 2 days.
Litecoin, ethereum and EOS are also looking good, provided they add some volume in the coming days.


Great analysis 👌

I had an odd you might say indicator that has been very accurate over the last year or so. Not exact, is often few hundred dollars off but always seems to get the trend right. It indicates perhaps a little more upside, maybe 9200, even 10k but then again maybe 5900-6300 before we really start heading towards ATH’s again.. a few month process.

Ah, a secret indicator that's nearly always right. Care to share?

A psychic. Sounds ridiculous perhaps, but has been very accurate, not to the dollar but very good. I don’t use only that, I look for confluence with that & some EW analysis.

Oh, interesting. Does he or she have a website perhaps?

As we all know: there are more things in heaven and earth, Horatio, than are dreamt of in your philosophy. .

Look up Utsava on Patreon & no I don’t receive anything for mentioning her. She discussed lots of things and tbh crypto less than other topics, although she does generally cover which way she sees BTC heading and rough prices.. 😊

Well, at least she is a good laugh: Elvis and Eppstein are alive; Obama is dead. I think for the time being I'm going to stick with my own analyses.

That’s what I thought when I read her stuff as well ,although if you go back through her older material you’ll notice she’s been very accurate with Btc’s moves and several other topics. Don’t throw out the baby with the bath water. I introduced a good friend of mine to her many months back and he thought she was bat shit crazy, now he emails me when one of her predictions pans out it’s just my 2 Satoshi’s 😉 but my best trades have been using her thoughts together with someone else’s EW analysis.