Bitcoin / TetherLong
BTC Outlook The Long Version
Time Frame: 4 Hour Chart
Currency:BTCUSDT
I know most of us wanted BTC to hit rock bottom. We all had hopes for a below $5,000.00 BTC, but after analyzing the charts, we can see Bears had multiple opportunities to push below $6500.00 and failed, what we're left with is the realization of things looking more up than down.
Technical Analysis:
From March 30th to April 6th were our opportunities to break below $6500.00. We failed. Since then we've seen dramatic increases in Volume trending between 7.7 and 8.9 Billion volume levels we haven't seen since December of 2017.
*According to (Coin Market Cap) these are the dates we couldn't reach lower lows. "Failed"
April 1st Low $6526.87
April 6th Low $6575.00
Yes, we see bearish divergence on the RSI due to price correction which is normal after RSI reaches oversold volume, this does not mean the market is bearish. We are most likely simply experiencing a correction, and a very bullish one if the price does not break below $7330.00
Expecting between $7530.00 and $7330.00 BTC to act as a strong support region, a bounce is anticipated. This is how I was able to forecast a classic Cup and Handle pattern that would break us out of the strong down trending resistance line.
If we do bounce from this support region, realistically we set $8500.00 as our next target. If we can reach $8500.00 it becomes increasingly clear where the market wants to go.
Fundamental Analysis:
Pantera Capital Management, a major hedge fund for Crypto released in their recent April newsletter that BTC at $6500.00 was most likely the bottom. In 2017, they predicted BTC would fall 50% in 2018 before reaching new highs, we know now it actually fell 65%. Despite very bullish outlooks that reached to the moon, Pantera was correct when they called the crash. Now the same billion dollar hedge fund has called the low as well as a 20K high towards the end of this year.
Other reasons for price upswing:
* Preparation for U.S Tax Day April 17th. Investors have more incentive to slow down selling and hold onto their crypto portfolios.
*April 6th Rockerfeller venture capital Venrock partnered with crypto investment firm Coinfund.
*Major wall street institutions are investing in Crypto.
Don't believe in magic. Always verify your own research. Cheers.
Currency:
BTCUSDTI know most of us wanted BTC to hit rock bottom. We all had hopes for a below $5,000.00 BTC, but after analyzing the charts, we can see Bears had multiple opportunities to push below $6500.00 and failed, what we're left with is the realization of things looking more up than down.
Technical Analysis:
From March 30th to April 6th were our opportunities to break below $6500.00. We failed. Since then we've seen dramatic increases in Volume trending between 7.7 and 8.9 Billion volume levels we haven't seen since December of 2017.
*According to (Coin Market Cap) these are the dates we couldn't reach lower lows. "Failed"
April 1st Low $6526.87
April 6th Low $6575.00
Yes, we see bearish divergence on the RSI due to price correction which is normal after RSI reaches oversold volume, this does not mean the market is bearish. We are most likely simply experiencing a correction, and a very bullish one if the price does not break below $7330.00
Expecting between $7530.00 and $7330.00 BTC to act as a strong support region, a bounce is anticipated. This is how I was able to forecast a classic Cup and Handle pattern that would break us out of the strong down trending resistance line.
If we do bounce from this support region, realistically we set $8500.00 as our next target. If we can reach $8500.00 it becomes increasingly clear where the market wants to go.
Fundamental Analysis:
Pantera Capital Management, a major hedge fund for Crypto released in their recent April newsletter that BTC at $6500.00 was most likely the bottom. In 2017, they predicted BTC would fall 50% in 2018 before reaching new highs, we know now it actually fell 65%. Despite very bullish outlooks that reached to the moon, Pantera was correct when they called the crash. Now the same billion dollar hedge fund has called the low as well as a 20K high towards the end of this year.
Other reasons for price upswing:
* Preparation for U.S Tax Day April 17th. Investors have more incentive to slow down selling and hold onto their crypto portfolios.
*April 6th Rockerfeller venture capital Venrock partnered with crypto investment firm Coinfund.
*Major wall street institutions are investing in Crypto.
Don't believe in magic. Always verify your own research. Cheers.
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