BTC: Making sense of what's about to happen.))
Hello eveyrone,
I hope you're all doing well.
This is tuned to long term investors or swing traders.
Btc has gone up incredibly. While I'm not invested in Btc for fundamental reasons, I want to share my understand of the technical analysis. We all know Btc halving is about to happen soon. I just wanted to see where bitcoin core might continue to go up or have a bearish army waiting.
Trendline 1, is from the ATH to previous big high. We need to see a few days in on how this will play out, including the halving.
Trendline 2, is the bottom after the ATH, it's only fair. I put a circle on how I determined the best trendline. I put an X near the latest low because of COVID19, so I'm not going to ruin my whole analysis because of a pandemic, and if you look closely it basically removes the wick of the candle. I'm willing to take the risk with Trendline 2, cause if I buy at trendline 2, id be better off than buying the breakout at Trendline 1 or 3.
Trendline 3, this is a more recent high trendline. Trendline 3 cuts through the recent $10,000 price, I think thats a good trendline, nothing in the market is perfect. This trendline breakout might be an indicator of an early fake breakout. I'm not lookng to be right or wrong, I am just trying to play out possible scenarios so I can be ready for as many scenarios as possible, insuring my investment is safe.
I also placed a fibonacci, you can see I removed the bottom lower lines because I don't like a cluttered chart. Most of my analysis is looking for the trend or reversals. Entry decisions are simple, enter in the dip. The trend or reversal point is my biggest point of interest. Entry is the simple part for long term investors.
Let's see what happens over the next few days, I can't wait for the halving.
Please like, share and follow, I'd really appreciate it. I hope you found value in this analysis.
I have also related my Bsv fakebreakout, and 'buy low, sell high' explanation.
Safe investing ))
I hope you're all doing well.
This is tuned to long term investors or swing traders.
Btc has gone up incredibly. While I'm not invested in Btc for fundamental reasons, I want to share my understand of the technical analysis. We all know Btc halving is about to happen soon. I just wanted to see where bitcoin core might continue to go up or have a bearish army waiting.
Trendline 1, is from the ATH to previous big high. We need to see a few days in on how this will play out, including the halving.
Trendline 2, is the bottom after the ATH, it's only fair. I put a circle on how I determined the best trendline. I put an X near the latest low because of COVID19, so I'm not going to ruin my whole analysis because of a pandemic, and if you look closely it basically removes the wick of the candle. I'm willing to take the risk with Trendline 2, cause if I buy at trendline 2, id be better off than buying the breakout at Trendline 1 or 3.
Trendline 3, this is a more recent high trendline. Trendline 3 cuts through the recent $10,000 price, I think thats a good trendline, nothing in the market is perfect. This trendline breakout might be an indicator of an early fake breakout. I'm not lookng to be right or wrong, I am just trying to play out possible scenarios so I can be ready for as many scenarios as possible, insuring my investment is safe.
I also placed a fibonacci, you can see I removed the bottom lower lines because I don't like a cluttered chart. Most of my analysis is looking for the trend or reversals. Entry decisions are simple, enter in the dip. The trend or reversal point is my biggest point of interest. Entry is the simple part for long term investors.
Let's see what happens over the next few days, I can't wait for the halving.
Please like, share and follow, I'd really appreciate it. I hope you found value in this analysis.
I have also related my Bsv fakebreakout, and 'buy low, sell high' explanation.
Safe investing ))
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