Bitcoin Showing Signs of Strength
Bitcoin has been shedding signs of bearishness for the past two weeks. We are still firmly in the sideways pressure of the "Crab Zone", but as you can see we've been building a structure of higher lows and a general upward slope. In the sort term we seem to be opening upwards into a megaphone like pattern, implying an increase of volatility as it bounces up.
I feel like this is a strong bullish sign and it's beginning to build a bowl like shape, similar to the 2013 shakeout. This whole pattern reeks of institutional accumulation while they scare the coins out of your weak retail hands. If this was real bear action we would be in the 20k range already, if not dramatically lower.
Personally, I feel like we've got at least another month of this sideways action, but we're showing some promising signs that strength is returning to the market. I think over the next few days/ couple of weeks we'll go and hit the top of the range again, around 38k-40k. If we do get that high, I'd probably consider a short, but be aware that with strength returning comes a higher probability of decisive a breakthrough of the range, if there's a lot of strong looking candlesticks I'd change that to a long in a heartbeat. I don't think it's moon jump time just yet, but it's getting closer, assuming that my model about longer cycles holds correct...
I would start looking at sites like cryptoquant, glassnode and others for signs of large accounts starting to move money onto exchanges soon. There was one chart I saw earlier today "Supply held by entities with 1k+ btc" that had a sharp spike upwards for example, 2x larger than any other movement during this whole sideways movement. More signs like that and the bull run will be back on.
That chart is here btw
https://twitter.com/woonomic/status/1411271233656672258/photo/1
I'd look at this halving chart, along with my model if you want a strong dose of hopium that might actually pan out.
https://twitter.com/HalvingTracker/status/1411184265669316609/photo/1
I feel like this is a strong bullish sign and it's beginning to build a bowl like shape, similar to the 2013 shakeout. This whole pattern reeks of institutional accumulation while they scare the coins out of your weak retail hands. If this was real bear action we would be in the 20k range already, if not dramatically lower.
Personally, I feel like we've got at least another month of this sideways action, but we're showing some promising signs that strength is returning to the market. I think over the next few days/ couple of weeks we'll go and hit the top of the range again, around 38k-40k. If we do get that high, I'd probably consider a short, but be aware that with strength returning comes a higher probability of decisive a breakthrough of the range, if there's a lot of strong looking candlesticks I'd change that to a long in a heartbeat. I don't think it's moon jump time just yet, but it's getting closer, assuming that my model about longer cycles holds correct...
I would start looking at sites like cryptoquant, glassnode and others for signs of large accounts starting to move money onto exchanges soon. There was one chart I saw earlier today "Supply held by entities with 1k+ btc" that had a sharp spike upwards for example, 2x larger than any other movement during this whole sideways movement. More signs like that and the bull run will be back on.
That chart is here btw
https://twitter.com/woonomic/status/1411271233656672258/photo/1
I'd look at this halving chart, along with my model if you want a strong dose of hopium that might actually pan out.
https://twitter.com/HalvingTracker/status/1411184265669316609/photo/1
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