BTC EMERGENCY UPDATE: BTC was on its way to the low 50s untill a certain guy called Elon Musk tweeted you can buy Tesla's with BTC ; starting today. More importantly, the bitcoin that they will get from selling cars will be stored in their treasury and will NOT be converted into fiat! This means the ABC correction is now completed and we are about to breakout of a HUGE triangle.
BTC FUTURES EXPIRATION: More importantly; the futures are set to expire on Friday; with a high BTC price a lot of people will buy their option; meaning they will buy BTC; which will make the price go up even more!
USA WAKING UP NOW: also one important factor: most of the USA is still asleep and they wake up (now) to a Musk tweet and BTC pumping. They will most definitely fomo in, so Im quite sure we will push back into the 58K area today.... with more to come this week. (ps: sorry for my messy chart, wanted to do emergency update :)
TARGETS: 63K, 66K, 68K // yes this is a crazy bull run, I love it!
IMPORTANT: this is not financial advice, trade or invest at your own risk and research. Good luck!
코멘트
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BTC FUTURES: a little explanation about the futures in short; people buy an option contract for the BTC price at time of buying the contract; that was at the end of February at a BTC price of around 48 to 52K. This means that one month later they can buy BTC for that same price. If the BTC drops, they will let the option expire and pay a fee; if the BTC price is higher than at the end of February; they will obviously buy the option. So in short; this Friday millions of BTC options expire where traders can buy bitcoin for 48 to 52K. This means they will buy the option and more buying pressure will hit the markets; this will push the BTC price up. The last time this happened; option being higher than issue price was in December (why? because options expiration happened during BTC corrections the last 3 months) so what happened in December; BTC pumped 70+% (!!!) untill 8 January. Buckle up guys!
코멘트
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BTC UPDATE: we are completing the W pattern; we want to see a bounce in the 55000 - 56000 area (red box on chart) if we find support there we should be able to enter the low 57's and have decent support behind us. Moment of truth for this breakout!
코멘트
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BTC W BOUNCE: seems like were getting support from the W neckline, its very early but if so, this is very very bullish! W formations are one of the most bullish in crypto imo. Stay tuned!
코멘트
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BTC BREAKDOWN: unfortunately guys it didnt work out, we didnt held support at the neckline; so we will be going down again... This is mainly because of the strong dollar. Have a look at my post from last week where I warned for the correction before it happened, watch the Euro, the BTC chart is not important, the euro is:
코멘트
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WARNING FOR BULLS: the bearish spring has arrived...
코멘트
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BTC retested the bottom of the triangle and got rejected to the downside. We are still early but if this rejection is confirmed we can expect more lows or sideways at best. It will be interesting to see how the futures expiration will play out; most of them are still in a slight profit but they would be buying BTC in a bearish momentum. This means they would either let the option expire or buy the option and dump it on the market or buy the option and hodl. Im unsure but I do know that buyers of such options are low risk investors. Why? Because if they had a high risk profile; they would be buying BTC otc and just hold it. Instead, they decide to buy an option. This is my two cents, you can agree or disagree; I'm fine with both but please be respectful in the comments; I dont like this bashing I am here to share my opinion and support the community; if you disagree then go to your own charts or to someone who you agree with or respectfully share why you disagree. Cheers!
@BizzarTrading, it is funny indeed :) we had a good chance yesterday but we didnt manage... you know whats nice of being a bull? i was in a long yesterday from the w bounce, made a nice 6% there followed the price with a very tight stop loss; setting it higher each 2 mins, I did that 4 times and it got hit, then the price was stabilizing and started dropping, then it was fighting support at the neckline and breaking it, there i put a nice short; with 40% profit... you see you dont have to be right to make profits, just follow the trend :)
personally I am leaning towards a bearish move, but lets see how the market develops thx
Kevmister
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This analysis is really simple and easy to understand. Makes newbies like me have an easier time grasping what is going on in the market. Thank you for the idea!
BelowZero
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Thanks a lot for the futures explanation: FINALLY someone can give a straight forwards simple answer on how futures impact the BTC spot price!
Nice set-up too, although you would have trouble squizzing a new line in there :)
Maybe Musk will start selling his cars in DOGE too :)
Overall, very good analysis and great vision for the upcoming BTC price action.
Thank you.
cryptobullethbtcxlm
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@BelowZero, thanks, unfortunately we broke down back into a bear trend, some more lows before we go up again... the chart i posted quickly for the urgency, normally i wouldnt post it like that... in trading smaller timeframes aswell so then you want a lot of local support lines, also good to see how the trend is for the mid term...
BelowZero
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@cryptobullethbtcxlm, I wouldn't really call it a bear trend, probably just a pullback before the bullish trend resumes.
Very nice work by the way. Really enjoyed your charts, your BTC vision and all the info about how the futures affect the BTC spot price.