Breaking the old Adam and Eve neckline(which turned into a triple bottom neckline) and triggering the breakout has brought us some of the most insane bullishness we've scene since last November-December. RSI and Stoch RSI levels have become seemingly irrelevant as BTC has ignored all overbought indicators and continued to rise. The breakout of that neckline has a projected target of over 15,000 so it's very exciting...however the most recent bullflag breakout target(in green) is just above the big resistance of the 1 day 200ma (in blue). Because of this I think we may wick slightly above the 200ma but ultimately find that the 200ma is able to hold resistance and it will likely send us back downward for our first real correction since this bull run began. However seeing as how btc ignored every indicator and has already effortlessly busted through major resistance line after major resistance line, this too could be yet another instance where it tears through the 200ma and continues skyrocketing upwards. We are well above the 1 day buy/sell line(in orange) so HODLing is the name of the game at this point. However if we do get a minor correction from the 200mas resistance that would be a good time for looking for the most opportunistic chance to buy the dip. I think if we do retrace at that point it will be simply to form a higher low and then we will be able to turn back to the upside afterwards and bust up through the 200ma from there. We can see the 50ma/buy/sell line is starting to finally curl upward like I was predicting it would many ideas ago...also we still have the 200ma on a downward trajectory now that it is no longer factoring in Decembers bullrun which could also help to make its resistance weakened and allow us to break above it more easily. then again the faster its dropping may bring momentum to strengthen its resistance too...will have to wait and see how it responds when we test it. Ultimately it's downward trajectory is a great sign because it means a 1 day golden cross is very likely to happen in early August or so which should finally kick the real bull market into gear. Keep HODLing and buy the dips is my bull market mantra. Thanks for reading and good luck in whichever strategy you choose for yourself! *not financial advice*
Note
One more thing to add, if we do see a pullback around the 200ma level, expect the Altcoin market to finally wakeup and try to catch back up with a bull run of their own.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.