Well abore MA Ribbon, Bitcoin to continue rising . As shown in previous published ideas, bull market is just starting. I expect that BTC price ups and downs will keep the RSI above 54 level. Overbought regions are around 88-90 level. This scenario was valid over the last bull market. If this trend continue MA Ribbon on the weekly time frame will turn green. Last time this was green was at the end of 2017 bull market. The price of BTC could increase very fast in the next period, and I mean could go parabolic.
There are a series of market catalysts that could propel BTC price higher: - Bakkt (long awaited - still waiting) - Golden Cross (Just happened) - MA Ribbon (Weekly) going green - Nasdaq listing (Today)
One other reason I am bullish on BTC is that the market sentiment is not yet very positive, and a lot of folks are waiting for a correction. This could happen , but my feeling is that these are the same folks that waited for BTC to drop from 3k levels to 1k levels (I can understand this). Now that this did not happen the waited for BTC to drop from 5100 to 4800 (This I cannot understand) . When BTC will reach 10k levels they will hope to buy at 6k levels (Desperation) . When BTC will reach 100k everybody will buy hopping that will go to 1 milion (This is pure stupid when considering the 5100-4800 levels that they were predicting). Remember this: Bull markets rek bears at the beginning of the bull market. Denial, Desperation and Capitulation is also available for short sellers and permabears, not just for common investors and bulls.
or it's a Bull-Trap, and we'll Double-Bottom over the next few months...
dan.m.both
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@mhfcrypto, Yes, this is true, there is a high probability to see a price correction at some point. It's what "almost" happened last bear market ending period. In my opinion, it would be too easy to copy-paste last bear market trend to this one. Chances are to re-test yearly lows and possibly go even lower. This is just a trend/price prediction, some idea that I am analyzing right now.