Bitcoin (BTC) : Day Chart : Bullish Pennant : BreakoutHere's my view on BTC:
It's been months since I've seen any bullish pennants in any charts, so, it would be appropriate that BTC's launching its next cycle from this positive chart signal..
It's been rather an extended retracement, but it's proportional to the previous rise, which is perfectly logical.. Time is irrelevant to chart patterns in my opinion.. It's the distance traveled that matters..
You may have noticed that the most recent drops in BTC have apparently lost its negative effect on the majority of ALTs.. This is simply because they have far smaller cycles to complete and have, for the most part, all completed their absolute lows.. You might have noticed these.. They're the really tall hammers that have been, and will occur for all ALTs.. (Something to keep in mind and study for the best entry points, at the bottom of the next downtrend.. Yes.. There will eventually be another one of these, and it may last much longer..)
Back to BTC.. In short, as indicated with the grey lines, the support and resistance levels have been coming closer together at an increasing angle, which is good news, since, obviously, it shortens the time requirement to complete the pennant, and indicates increased aggression on the part of BTC..
There was a brief pop a few hours ago, which supports my view, when judging its speed and trajectory..
When the price breaks the green resistance line and passes beyond it, I'd expect to see something of a cacophony of breakouts by the ALTs.. Some will do really amazing things, such as BUS did yesterday, by breaking out to 1000%, so yes, to the non-believers, it is possible for this to happen.. Predicting it is tricky, but then again, should you be able to identify as few as 3 of these guys, and could string them up, one after the other, you'd be a millionaire..
Now there's a novel goal to aim for..
Anyone interested in having more detailed discussion on my findings regarding this particular topic, and possibly undertaking a project in identifying and successfully trading such opportunities, you're welcome to contact me.. Should you have the stomach for it..
After all that.. I believe BTC's going up..
From this current point.. It will not go lower than what it is right now, and I really wish the self indulgent Doomsday TA's would quit their negativity..
This is not a popularity contest.. We're all here for the same reason.. It's bearish no more.. This is crypto.. It appreciates..
Projections.. Well, for a while now, I've been seeing 10x projections in many (just about all) coins, consistently..
I understand the disbelief, but BUS proved yesterday that the ratio I've been finding is not wrong.. Granted, not all coins will do 10x in one run, but it will most certainly happen again.. Multiple times, and more often than not, in the smaller coins..
Not to be outdone, I believe BTC will do the same, since it ultimately governs the proportional growth of the ALTs and therefore must honor the relationship they're in..
I see BTC at a level of $89 000, in the very near future..
What happens after that, will indeed be pure speculation, but it is where the charts point towards, and happens to also be 10x the current price.. So make up your own mind on this..
What will happen next in this space, will stun, awe and make history.. Consider yourselves early adopters when compared to those who will enter the market by August..
Guess our profit will have to come from somewhere, yeah?
Good luck..
Trade safe..
