BITCOIN - Bullish Outlook

11 thg 8

BTC

Crypto is about to have a week candle close.

This is a very bullish candle for Bitcoin.

I picked out another occasion where there is such a long lower wick (green arrows)...

And it had a very bullish wave up to follow.

In the end this exotic area since March has become an expanding descending fractal.

Descending is probably a bullish clue.

Also notice that the RSI is still in the area of the previous low. Thats another bullish clue.



All bullish 👍.

24 thg 8

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As predicted Bitcoin has moved on up nicely to 64K following the long lower wicked hammer candle:



And altcoins are starting to break out in this area 🤩!

Its very interesting how the psychology and price action play out.

Because the FED just announced this week that they will likely cut the monetary interest rate in September.

But then at the end of the week altcoins have a very strong breakout.

Coincidence?

Perhaps. I'm one of these that believes that markets are very psychological and real coincidences are few and far between

And for those of you unaware, there is a history of very nasty market crashes following rate cuts.

The last one was months before the 2020 crash although it was also a reactive black swan event.


But it shouldn't be ignored that the FED pivot was before the crash and 10 year bond yields had been tumbling for some time, showing a move towards risk off and buying bonds over risk on stocks (and crypto).



And so with this pivot looming and other factors there has been a pessimistic sentiment in the markets with many content providing "gurus" calling for a major crash.

This is also considering that the yield curve may flip back from inverted and push above the 0 point.


I have made a thread on this btw - on my ideas page.

But this is how this game works.

Its always when the herd are pessimistic that big bullish moves happen 😸.

And thats why nothing is ever more important than the technicals.

Being aware of the fundamental bigger picture is of course very important but there tend to be red herrings to throw traders off the scent 😵.

And now with dollar dumping hard, it really has opened the door for higher risk assets; including altcoins to get moving on up:



I dont always give my favourite altcoin picks to TradingView for free but I have posted one of my favourites for you guys today.

And I forgot to link it, so I'll post it here.

SEI is going to be a real banger.

It ticks all the technical boxes for a technical buy deep value retracement for maximum multipliers.

And its a highly volatile coin; likely to pump very hard.

I think a lot of crypto kids believe they can make great profits with "willy nilly" buying of coins that take their fancy, often buying into large pumps and then thumb sucking their way through the market cycle, often with plenty of pain along the way.

But if you can buy with real technical setups then you make much more profit and have a much more relaxing journey.

Anyhow Bitcoin is looking very good here and this looks like the next wave up with pull backs along the way.

I expect that it will be moving out of this bullish descending broadening wedge in the not too distant future.

That said there is a threat of a FED pivot and i'll be keeping an eye on that; looking for weaknesses in bond yields.

Because when bond yields start tumbling, it means bonds are starting to roar and that's a danger to risk on assets such as crypto.

Remember that bonds are risk off and when they pump it is usually within a stock market and crypto crash; as we saw in 2020:



But for now the light is green and I'll make hay while the sun shines, perhaps all the way until the cycle end which I currently project to be around @174K 🌞.

I made that projection in January 2023 btw 👍🏻.

25 thg 8

Ghi chú

If there are any other old skool trolls from when I was bearish BTC from April 2021 then do feel free to come and chat. It was actually much more fun when there was some banter. Argee bargee welcome within reason.

15 thg 9

Ghi chú

BTC printing a solid end to the week @ 60K.

Looking good for the next wave up as we approach the FED interest rate cut.

Expect volatility.

19 thg 9

Ghi chú

We made it through the FED rate cut.

See you @ BTC 174K 🚀

24 thg 9

Giao dịch đang hoạt động

My altcoin tip SEI is no.2 for the last 7 days 🚀.



There are many exciting deep coins still waiting to fully break out.

I may cover a few more on TradingView.