A quick summary:
Using a Bars patter copied from June 15th, 2021, to July 16th, 2021, you can see that Bitcoin is follow this pattern almost exactly. I used a basic scenario of assuming that the miners (that left China recently) are starting to find a more permanent residency and are now re-starting their mining rigs.
There are also other factors leading to a more Bullish scenario overall, for example:
The discussion recently had by: Elon Musk, Jack Dorsey and Cathie Woods.
Further speculation of potential institutional buyers entering the space.
Overall adoption is at all time-highs.
Chart Pattern:
Bars Pattern (seen as the orange Bars)
Falling Wedge (seen as the pink tringle.)
Ascending Channel (outer red lines.)
Orange dotted arrow (inner trend line for the ascending channel.)
Volume was trending down before the breakout (refer to the R.S.I. red trendline)
An impending downtrend is coming (and needed since the rise up was too quick.) There are also potential sellers trying to get out of trades during this time which causes extra volatility. The recovery and overall Bullish uptrend seem to be on track.
Price Target by mid-August is 45k per BTC (minimum).
Additional Notes to consider: The Federal Reserve is coming out with a “white paper” of potential CBDC’s (Central Bank Digital Currencies) by September.
Using a Bars patter copied from June 15th, 2021, to July 16th, 2021, you can see that Bitcoin is follow this pattern almost exactly. I used a basic scenario of assuming that the miners (that left China recently) are starting to find a more permanent residency and are now re-starting their mining rigs.
There are also other factors leading to a more Bullish scenario overall, for example:
The discussion recently had by: Elon Musk, Jack Dorsey and Cathie Woods.
Further speculation of potential institutional buyers entering the space.
Overall adoption is at all time-highs.
Chart Pattern:
Bars Pattern (seen as the orange Bars)
Falling Wedge (seen as the pink tringle.)
Ascending Channel (outer red lines.)
Orange dotted arrow (inner trend line for the ascending channel.)
Volume was trending down before the breakout (refer to the R.S.I. red trendline)
An impending downtrend is coming (and needed since the rise up was too quick.) There are also potential sellers trying to get out of trades during this time which causes extra volatility. The recovery and overall Bullish uptrend seem to be on track.
Price Target by mid-August is 45k per BTC (minimum).
Additional Notes to consider: The Federal Reserve is coming out with a “white paper” of potential CBDC’s (Central Bank Digital Currencies) by September.