Oh Snap! I just became a "Crypto" Technical Analysis by watching YouTube videos! Totally kidding! 🤣
So earlier today, I decided to jump on trading view and look at the Bitcoin charts and mess around making some triangles all over the place.
I'm not a professional or anything like that but I do know the "TA Basics" from my Stock Trading days. 📊
It looks as if we are in a Symmetrical Triangle (Drawn Above) and I expect a huge "Breakout" that is coming pretty soon.
These "Breakouts" usually come around at 70% of the" Triangle" and with decreasing volume, something big is about to happen pretty soon!
The questions is which way? It's anyone's guess. 🤷♂️
The chart seems pretty bullish to me and I expect when we break somewhere over $8200+ (and hold), we can see Bitcoin going as high into the deep $9000's. 💁♂️
Before you get all giddy and happy! I do however expect a 30% to 40% correction to happen in the near future.
Bitcoin is known to do that all the time! 😲
If we get rejected from the $8200 mark once again and fall below $7800 instead, we can expect it to drop pretty hard to the $6000's level. OH SHIT! 🤣
Please do not take my advice, I'm not a financial advisor! I'm just looking at the charts to see the what "probabilities" can happen from here.
If you are a "HODLer" for the long term (2-5) years... anything under $10,000 is a freaking deal in my opinion. 😬
So there you have it. My simple "Technical Analysis" for dummies like myself haha. Most people think it's bullshit (I do also at times) but it can be a tool to use in helping you make some good decisions when buying and selling cryptos.
Keep On STACKIN! 💞
~ Charles Fuchs
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