Bitcoin retracing to 20W EMA before continuing its bull run
Hi everyone and welcome to my channel based in beautiful Oslo, Norway! I am a big crypto enthusiast with a background in financial management and education. We will be looking at trends in the overall crypto market.
I am generally new to TradingView and see a lot of trading tips that go against the grain of overall market trends. Many are still calling Bitcoin and the greater crypto market's bull run of late to be a flash in the pan / relief rally. The relief rally happened post-El Salvador news in early June which was swallowed up after 30% gains in a short period of time.
In the past few days, Bitcoin's raging bull trend has quieted down some. We have seen a 55% rise since July 20th from daily wick to daily wick. We are currently seeing a weak retracement that I believe will lead to it hovering and bouncing around the bull market support band (20W EMA and the 21W SMA which is currently between 39 - 44.000). The 20W EMA is currently higher although slowly coming down week by week, making it easier with time for Bitcoin to find support. I do not agree with assessments calling for falling to the 30s again, and especially not the 20s. Bitcoin barely stayed at 29k a handful of times, why would it crash even further? That is silly. We have made successive higher highs and higher lows for the last 3 - 4 weeks and bulls are in control.
Even with market FUD from the USA infrastructure bill Bitcoin is showing amazing resilience. Confidence is up, coins are staying off-chain, meaning they cannot be easily sold, and all things point to longing for the foreseeable future. 100k within the end of 2021 remains a decent probability although more likely to come in the first half of 2021. First comes the journey to 65.000 which I see happening around October. That would represent one of Bitcoin's longest breaks between all time highs in an overall bull market and around the same time as the one in the 2013 cycle.
Support levels:
44.000
40.000
Resistance levels:
47.000
50.000
I am generally new to TradingView and see a lot of trading tips that go against the grain of overall market trends. Many are still calling Bitcoin and the greater crypto market's bull run of late to be a flash in the pan / relief rally. The relief rally happened post-El Salvador news in early June which was swallowed up after 30% gains in a short period of time.
In the past few days, Bitcoin's raging bull trend has quieted down some. We have seen a 55% rise since July 20th from daily wick to daily wick. We are currently seeing a weak retracement that I believe will lead to it hovering and bouncing around the bull market support band (20W EMA and the 21W SMA which is currently between 39 - 44.000). The 20W EMA is currently higher although slowly coming down week by week, making it easier with time for Bitcoin to find support. I do not agree with assessments calling for falling to the 30s again, and especially not the 20s. Bitcoin barely stayed at 29k a handful of times, why would it crash even further? That is silly. We have made successive higher highs and higher lows for the last 3 - 4 weeks and bulls are in control.
Even with market FUD from the USA infrastructure bill Bitcoin is showing amazing resilience. Confidence is up, coins are staying off-chain, meaning they cannot be easily sold, and all things point to longing for the foreseeable future. 100k within the end of 2021 remains a decent probability although more likely to come in the first half of 2021. First comes the journey to 65.000 which I see happening around October. That would represent one of Bitcoin's longest breaks between all time highs in an overall bull market and around the same time as the one in the 2013 cycle.
Support levels:
44.000
40.000
Resistance levels:
47.000
50.000
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