2020 Bitcoin New Narrative! Bullish and Bearish Perspectives

22 thg 10, 2020

After Bitcoin's incredible breakout, we are seeing some new structures within the Bitcoin timeline and price action. Here I will like to give me outlook on Bitcoin and give a thorough analysis on Bitcoin's prospect. We have seen incredible news for the cryptocurrency space - PayPal accepting Bitcoin and cryptocurrency payments. This is incredibly out of the blue, most likely timed; nevertheless, incredible news for Bitcoin. The breaking news has negated all bearish technicals for the short term. This does not mean we are out of the woods just yet because we need to see more follow up with all types of eventful news. We still believe however, due to the LARGER weekly and monthly bearish technicals of a bearish divergence, there can be a fall before a larger uprise.

Bearish Technicals (STILL MORE PROBABLE):

1. THREE UNFILLED CME gaps still a concern (4H, 1D)
2. Rising parallel channel is still a bearish technical, in textbook standards.
3. Euphoric (greed) price spikes usually end in a disaster, ALMOST always. Witnessed in every bull run.
4. Weekly and Monthly BEARISH Divergence is already printed and evident.

Bullish Technicals:

1. PayPal fundamental news is one of the biggest catalyst that I can think of for the remainder of the year, and a great introduction for the year 2021. This can help continue the trend for Bitcoin.
2. We are seeing a series of higher lows, which is a textbook bullish pattern (but inside of a rising parallel channel. It will be even more bullish if we break out of it.

Things to watch out for:

1. Covid19 follow ups
2. 2020 US elections
3. DXY (US Dollar) breakout