Bitcoin about to break out after >200 days of consolidation ๐๐
Intro:
- Bitcoin is the first of its kind as cryptocurrency using blockchain technology and is looked at a store of value like gold , just better.
- Bitcoin will help the people to bank themselves and gives some power back to the community.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
Comments:
- Today we look at the broader picture and zoom out of the chart. Once we do that we recognize that exciting times seem to be ahead.
- The last >200 days basically represent a large consolidation phase where we move between the two thick green and orange price lines (between 30k and 63k).
- For this structure it is absolutely normal and expected to see a bullflag that acts as consolidation and accumulation right under the previous ATH that acts as resistance.
Daily chart:
- Price shows that we are in a consolidation phase below previous resistance since roughly 20 days. This corresponds 10% of the large >200 day consolidation phase and is totally in line.
- Volume is on a steady decline since Mai. This supports the idea that we are in a large consolidation and accumulation phase.
- RSI analysis shows that we face again resistance that follows the yellow line similar to the previous one. This supports the 20 days consolidation phase.
- Moving Average: The 20MA comes to help and can act as support to finally breakout of the large consolidation phase.
- Support lines are at 59k$, 41k$ and 30k$. The top of the parallel channel can act as support as well.
- Resistance lines are at 63k$. Afterwards we are free to fly.
Expectation:
- We expect a price breakout within the next two weeks. A possible price continuation is drawn with a blue arrow line.
- Now after the approval of several Bitcoin future ETF's in the US we expect that many will follow and even more people and institutions are exposing themselves to Bitcoin.
- End of the year prediction: We will see a 100k$+ Bitcoin before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- Bitcoin is the first of its kind as cryptocurrency using blockchain technology and is looked at a store of value like gold , just better.
- Bitcoin will help the people to bank themselves and gives some power back to the community.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
Comments:
- Today we look at the broader picture and zoom out of the chart. Once we do that we recognize that exciting times seem to be ahead.
- The last >200 days basically represent a large consolidation phase where we move between the two thick green and orange price lines (between 30k and 63k).
- For this structure it is absolutely normal and expected to see a bullflag that acts as consolidation and accumulation right under the previous ATH that acts as resistance.
Daily chart:
- Price shows that we are in a consolidation phase below previous resistance since roughly 20 days. This corresponds 10% of the large >200 day consolidation phase and is totally in line.
- Volume is on a steady decline since Mai. This supports the idea that we are in a large consolidation and accumulation phase.
- RSI analysis shows that we face again resistance that follows the yellow line similar to the previous one. This supports the 20 days consolidation phase.
- Moving Average: The 20MA comes to help and can act as support to finally breakout of the large consolidation phase.
- Support lines are at 59k$, 41k$ and 30k$. The top of the parallel channel can act as support as well.
- Resistance lines are at 63k$. Afterwards we are free to fly.
Expectation:
- We expect a price breakout within the next two weeks. A possible price continuation is drawn with a blue arrow line.
- Now after the approval of several Bitcoin future ETF's in the US we expect that many will follow and even more people and institutions are exposing themselves to Bitcoin.
- End of the year prediction: We will see a 100k$+ Bitcoin before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
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