Bitcoin Poised for Next Leg Rally

in #bitcoin3 years ago

I don't usually write too many outright shill posts but after watching the crypto market very closely in recent weeks things really look set perfectly for the next leg up. Another big rally looms for Bitcoin and it's not just the Fundamentals looking strong but the Technicals are outstanding too.


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Have a look at the chart below. It's 4 hourly BTC from the peak at $42K in early January until today. The dark blue line is a blatant trendline which is sold from 4 times (which is quite a lot in TA terms). It then makes a tiny false breakout on the 29th Jan before bursting through it on heavy volume later that day. Then after a brief spike up it bounces off the same trend line 2 more times on the 30th Jan and 2nd Feb before starting to build a new rally.


Bitcoin20210203.png

This looks a textbook old cliche "Resistance becomes Support" and whether you believe in TA or not, there are a heap of Bitcoin traders who love TA and this will be screaming at them to buy as this is a sort of Confirmation Rally that often signals the next leg up. With BTC racing to 42K in early January and mania growing in a number of asset markets I would not be surprised to see it double again in the next few weeks.

Exciting times if you've been a patient HODLer

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BTC had me worried for a little while. Looking at the weekly chart it was near identical to the last run. This break above gives me hope the run may just be warming up!

More follow through buying today. It feels a lot like 2017....

I don’t know much about crypto and don’t understand the charts for them. But you analysis makes sense. Don’t have any Bitcoin so it’s irrelevant to me.😪

Cheers mate. TA can be a bit obscure sometimes but then others times the patterns stick out like a sore thumb. Thanks for dropping in anyway!

I got to admit that I thought it would have a way better pullback, I guess I don't know Bitcoin at all! It's safer to keep on stacking a little of everything nowadays.

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Diversification is always a good idea, but these days of the Everything Bubble it's all correlated anyway! So the most important thing becomes avoiding counter-party risk.

I hope you're right buggs. I promised Mrs W that I'd have the mortgage paid off by Friday!! That pump in silver was very short lived 🤣

Good luck with that. Silver will have it's day and if I wasn't trying to build a house I'd be stocking up on Silver right now. It's due for a good run!