BTC Analysis: Really Could Go Either Way- The Case for Both Bulls and Bears

in #leofinancelast year (edited)

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Hello Everyone! Today we are taking a look at Bitcoin on the daily time frame. We will start at a bit of a zoomed out look to the previous all time highs. You can see we are forming a symmetrical triangle which is really a more neutral pattern when it comes to the triangle patterns. This one could really go either way. This is never financial advise, just looking a possibilities given the data we have in the charts.

The case for DA BULLS


The case for the bull is really this. If we can get a break above the triangle and then break above the first major resistance at $52,000 and some change, then we will be off to the races in a serious way and hopefully we see a play similar to the 2013-2014 run where there were basically 2 tops. This kind of play could see a bit of a longer rise like I have drawn on the charts or an extremely violent parabolic move up similar to the 2017 bull run.

The case for DA BEARS


If the price of Bitcoin breaks below the red triangle line which is around $38k, that could send the market into a further down trend that would signal the start of the longer term bear market. In this case, then zoomed out, it is a similar pattern to the 2017 run, with a more rounded top. Because this time is different and we have different players in the game.

On the Shorter Term View

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Bitcoin and many of the major altcoins are seeing a similar falling wedge pattern on the shorter term view. This is still the daily time framed, just zoomed into more of the now.

As you can see in the the momentum is on the low side and kind of in falling knife territory, but the RSI is in the neutral range and not seeing any sharp down turns, so that's positive.

Falling wedges are one of my favorite trades as they mostly break to the upside. This would be bullish as it would be a move to make a break out to the larger term triangle that could send Bitcoin to the stratosphere!

We could find our way to near $38k and still be in this falling wedge, so don't freak out if we go lower


To Wrap it Up

Be safe out there in trading land. Be watching for a possible lower move in the short term, or possible consolidation in the current range before we make a move out of this wedge heading to the upside.

Really I am looking more in this direction as we are still overall in an uptrend on the longer zoomed out time frames. A bearish trend is absolutely possible as well, so be smart and make your positions wisely.

We are moving majority of our funds into USD paired liquidity pools and are staying relatively safe during these down times and earning killer yields!

We are also learning how to incorporate our Coin Logic Index into a DAO situation, so be looking for some announcements in Q3-Q4 about a possible DAO situation for Coin Logic!

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I'm hoping for the bull run but it's nice to be prepared for either case. Thanks for the thorough analysis

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Yep, gotta be ready for anything. Because I don’t care who gives what future prediction we really don’t know until it happens. Fortunately by learning some TA, you can at least see the signs and make your moves accordingly. It’s all in the data.

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