Charting Level: Beginner
Trading Level: Intermediate
As we can see from the past few days BTC is now in a full phase of recovery. What I mean by this is that BTC can expect to make a full recovery within a full months time and should be sitting 15k-20k this time next month. Right now we are still working out the kinks of the bear control that hurt BTC bad but bulls seem to have gained 75% control of this market recovery. Now to discuss what is actually going on in the chart.
In my charts I use the Boss Method designed by Brandon Kelly known across multiple social media outlets as the Boss of Bitcoin!! In this method we use 3 MA's to determine the trajectory of price and the actions one should take while actively trading or investing. The 3 MA's are simple and are based off of market trends and harmonics. We know that the past does not drive the future however we also know that time itself is not independent but rather interdependent, and that these 3 moving averages move together and tell us where this market will most likely flow. In the top left we can see that around Jan28 is when the 77 passed over the 7 and gave bears the control over the market which led to the second wave of the huge sell off coming into February. Now the game has changed as bulls gained control of the market on February12 when the 7 took the 77 back over. Now this does not say we are out of the park for the long haul yet. For a short of BTC at around 10k this would've worked perfectly. I say this because the cautionary indications I gave on the 231! BTC needs support from the 231 to turn overall for the big future run everyone in this market is expecting. I have shown the point when I think the 231 will indeed turn to the upside for now its headed downward which will indeed prove difficult for BTC to raise to its full potential. We will see in the time to come what will happen here.
REMEMBER: BTC always proves people wrong and exceeds expectations, when reading this chart you have to be a master but I thought Id give my two sense.