BITCOIN HITS BOTTOM GROWTH CURVE - Outlook over next months
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Bitcoin just hit the bottom log growth curve, which has been the leading indicator for Bitcoins long-term
price swings imo. If you take a look back at the 2017 bullmarket you will see how precisely price respected the forcasted
growth curves and how it is still doing so.
On Bitstamp the lowest band is currently sitting at 7624 and with a daily bottom (03.09.2020) at 7636, that is a very
sufficient bounce/confirmation in my opinion. Keep in mind that it is actually rather common that Bitcoin moves along the
bottom line for a while, befor swinging back to its upper ones, so there is still room for a perfect touch.
Price has often wicked below the bottom band, but never managed to break through so I will not expect it this time either.
Also this indicator is respecting Bitcoins long-term growth potential and has more to do with data science and hard coding
facts, than with simple subjectivity.
Trusting this indicator and trading around it gave clear trading opportunities, which I will now try to utilise.
In addition to that we now have the potential for a huge inverse head and shoulders playing out over multiple weeks and months.
The neckline is alining perfectly and the second shoulder would be expected to bottom in the vacinity we are currently at.
Since Bitcoin loves ascending triangles as reversal patterns, I think it is likely that we see one here on the bottom, playing out on the
daily timeframe over a few weeks.
Maybe price will move along the bottom band in an ascending triangle formation, bringing price back
to the trendline drawn here on the chart, befor breaking above it. If price manages to find a higher low on the weekly/monthly compared
to 6.4k and ralleys back above 10K in the future, then not only would the chance for this inverse head and shoulders increasing exponentially,
but it would also confirm an ascending triangle with the bottom band of the growth curves and the neckline at 10400USD.
While all of this might seem a bit far-fetched for now, it would give one of the most bullish scenarios for Bitcoins longer term growth.
Of course my analysis is biased in the way that I strongly believe that Bitcoin will succeed long-term, so keep that in mind.
The next target would be the 200 day MA and the second growth curve messured from the bottom.
I will try to updated you on this indicator regularly, so make sure you follow me!
Cheers,
Konrad
Please support this post with your likes since this could be one of my most important ones!
Also comment down below and make sure you follow me here on TV!
Bitcoin just hit the bottom log growth curve, which has been the leading indicator for Bitcoins long-term
price swings imo. If you take a look back at the 2017 bullmarket you will see how precisely price respected the forcasted
growth curves and how it is still doing so.
On Bitstamp the lowest band is currently sitting at 7624 and with a daily bottom (03.09.2020) at 7636, that is a very
sufficient bounce/confirmation in my opinion. Keep in mind that it is actually rather common that Bitcoin moves along the
bottom line for a while, befor swinging back to its upper ones, so there is still room for a perfect touch.
Price has often wicked below the bottom band, but never managed to break through so I will not expect it this time either.
Also this indicator is respecting Bitcoins long-term growth potential and has more to do with data science and hard coding
facts, than with simple subjectivity.
Trusting this indicator and trading around it gave clear trading opportunities, which I will now try to utilise.
In addition to that we now have the potential for a huge inverse head and shoulders playing out over multiple weeks and months.
The neckline is alining perfectly and the second shoulder would be expected to bottom in the vacinity we are currently at.
Since Bitcoin loves ascending triangles as reversal patterns, I think it is likely that we see one here on the bottom, playing out on the
daily timeframe over a few weeks.
Maybe price will move along the bottom band in an ascending triangle formation, bringing price back
to the trendline drawn here on the chart, befor breaking above it. If price manages to find a higher low on the weekly/monthly compared
to 6.4k and ralleys back above 10K in the future, then not only would the chance for this inverse head and shoulders increasing exponentially,
but it would also confirm an ascending triangle with the bottom band of the growth curves and the neckline at 10400USD.
While all of this might seem a bit far-fetched for now, it would give one of the most bullish scenarios for Bitcoins longer term growth.
Of course my analysis is biased in the way that I strongly believe that Bitcoin will succeed long-term, so keep that in mind.
The next target would be the 200 day MA and the second growth curve messured from the bottom.
I will try to updated you on this indicator regularly, so make sure you follow me!
Cheers,
Konrad
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