BTC long-term outlook - 2 scenarios
Hi all,
Here I am focusing on the weekly chart which looks quite bullish to me. In fact, I cannot see any indicator that seems to tend to the bearish side. (Happy to see comments if you have a different perspective) There are different opinions about whether you should draw trendlines based on wicks or the closing. I drew in both to consider both and for the closings it seems that we already managed to climb above it while using it as support and accumulating for a big move.
Bullish scenario (1): If we continue our current trend to the upside, I believe we will go with great volume through 10 - 10.5k and triggering all the stop losses of the people who are shorting. Traders who trade the triangle resistance for 2.5 years will finally turn away from their bearish view and decide that the bull market just started. If this will be the case, I think 14k by mid of September will be realistic where we will face strong resistance and prob see a retracement.
Conservative scenario (2): We might see a small move to 10.5 and face too much sell pressure resulting in a retracement straight away and testing the triangle support. I still think we would go up from here and prob see 14k, but way later (prob beginning of next year).
Either way, I cannot see a bearish scenario right now. A bullish cross on the MACD just occurred and RSI still has a lot of room to the upside as well. It always surprises me how bearish some people still are. I think you no one should miss out on the move when we finally manage to clearly break to the upside.
Let me know what you think.
Happy trading!!
Here I am focusing on the weekly chart which looks quite bullish to me. In fact, I cannot see any indicator that seems to tend to the bearish side. (Happy to see comments if you have a different perspective) There are different opinions about whether you should draw trendlines based on wicks or the closing. I drew in both to consider both and for the closings it seems that we already managed to climb above it while using it as support and accumulating for a big move.
Bullish scenario (1): If we continue our current trend to the upside, I believe we will go with great volume through 10 - 10.5k and triggering all the stop losses of the people who are shorting. Traders who trade the triangle resistance for 2.5 years will finally turn away from their bearish view and decide that the bull market just started. If this will be the case, I think 14k by mid of September will be realistic where we will face strong resistance and prob see a retracement.
Conservative scenario (2): We might see a small move to 10.5 and face too much sell pressure resulting in a retracement straight away and testing the triangle support. I still think we would go up from here and prob see 14k, but way later (prob beginning of next year).
Either way, I cannot see a bearish scenario right now. A bullish cross on the MACD just occurred and RSI still has a lot of room to the upside as well. It always surprises me how bearish some people still are. I think you no one should miss out on the move when we finally manage to clearly break to the upside.
Let me know what you think.
Happy trading!!
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