If you zoom out on BTC this could be the chart pattern of what could be a MASSIVE move. Check it, left shoulder, head, right shoulder. Everything is setting up perfectly for this right now.
We have it going up into a massive downward purple trend line, with little pull back.
We have MACD slowly sloping up and moving higher.
We have RSI that has not dipped and looks to also pierce the trendline to the upside.
It's really a picturesque type scenario that is setting up.
Couple things. I expect we get an initial "bust up" in BTC once 10k breaks probably to around 11k. But I also don't expect BTC to start immediately running away from us either. People will slowly start piling in and it will climb the wall of worry. There should be plenty of buying opportunity so don't fret if you miss the initial buy. Ideally I would want to see BTC bust up and then buy on a retest or start laddering into positions to start capturing upside. If you followed my advice when BTC was at 4k I put out a big headline that said HODL. I hope you did through the lows. Look to continue to hold or look for these buying opportunities.
A word of caution. The stock market is at maximum stupid right now. If the market were to pull back(as we are seeing) and the dollar were to strengthen we could easily get a large pull back in BTC and it would form this right shoulder. So the way I will play this is either buying the retest on a break or buying the right shoulder AFTER it bases out and we have some confirmation we are indeed forming a base.
Happy trading,
-Sherem
We have it going up into a massive downward purple trend line, with little pull back.
We have MACD slowly sloping up and moving higher.
We have RSI that has not dipped and looks to also pierce the trendline to the upside.
It's really a picturesque type scenario that is setting up.
Couple things. I expect we get an initial "bust up" in BTC once 10k breaks probably to around 11k. But I also don't expect BTC to start immediately running away from us either. People will slowly start piling in and it will climb the wall of worry. There should be plenty of buying opportunity so don't fret if you miss the initial buy. Ideally I would want to see BTC bust up and then buy on a retest or start laddering into positions to start capturing upside. If you followed my advice when BTC was at 4k I put out a big headline that said HODL. I hope you did through the lows. Look to continue to hold or look for these buying opportunities.
A word of caution. The stock market is at maximum stupid right now. If the market were to pull back(as we are seeing) and the dollar were to strengthen we could easily get a large pull back in BTC and it would form this right shoulder. So the way I will play this is either buying the retest on a break or buying the right shoulder AFTER it bases out and we have some confirmation we are indeed forming a base.
Happy trading,
-Sherem
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And note: This is a WEEKLY chart set up, so these things take TIME
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Guess it didn't take that much time... hit 11k already
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The uber chart pattern played out. Which is very bullish. We should slowly grind up as profits get rotated into alts and more money printing, with some bumps in the road along the way.
