A look at the most bullish weekly BTC chart of the past months!
Hi Traders,
Let’s look at the most bullish case you’ve seen for Bitcoin in the past months!
This looks like a textbook market bottom, a nice bounce and now forming an ascending triangle ready to break out and start moving up again.
I plotted Ichimoku on the charts, and as you can see, there are many bullish signs. The Tenkan is above the Kijun, and both are pointing upwards. Chikou span is above price, and the future kumo has turned bullish. These are all very good signs.
If that was not enough, I can clearly see a beautiful ascending triangle form here, which has a 70% chance of breaking to the upside.
Sure, we are still in the kumo, which means we’re not full on bullish yet, but all other signs are good. We should at least be heading to the first resistance level at the flat kumo. So ask yourself this: is this market about to break upwards, or down?
I think most will agree with me that this is a very bullish looking chart. And I, and I suspect most other traders who know how to use technical analysis, am jumping to enter long on this chart!
Now I also think that most of you are thinking why this does not look like your BTC charts at all.
Well.. that’s because this is an inverse of the BTC/USD chart. It is 1/BTCUSD (multiplied by 4000000 to get the scaling right..). You can see it on the ticker
Think about that carefully, if you are bullish on this chart, there is no way you can be bullish on the “normal” bitcoin chart. Unless you’re lying to yourself…
Just some food for thought…
take care,
ZenTrader.
Let’s look at the most bullish case you’ve seen for Bitcoin in the past months!
This looks like a textbook market bottom, a nice bounce and now forming an ascending triangle ready to break out and start moving up again.
I plotted Ichimoku on the charts, and as you can see, there are many bullish signs. The Tenkan is above the Kijun, and both are pointing upwards. Chikou span is above price, and the future kumo has turned bullish. These are all very good signs.
If that was not enough, I can clearly see a beautiful ascending triangle form here, which has a 70% chance of breaking to the upside.
Sure, we are still in the kumo, which means we’re not full on bullish yet, but all other signs are good. We should at least be heading to the first resistance level at the flat kumo. So ask yourself this: is this market about to break upwards, or down?
I think most will agree with me that this is a very bullish looking chart. And I, and I suspect most other traders who know how to use technical analysis, am jumping to enter long on this chart!
Now I also think that most of you are thinking why this does not look like your BTC charts at all.
Well.. that’s because this is an inverse of the BTC/USD chart. It is 1/BTCUSD (multiplied by 4000000 to get the scaling right..). You can see it on the ticker
Think about that carefully, if you are bullish on this chart, there is no way you can be bullish on the “normal” bitcoin chart. Unless you’re lying to yourself…
Just some food for thought…
take care,
ZenTrader.
If you are bullish on this chart, you MUST be bearish on the BTC chart... as this is the inverse of the BTC chart. A breakout to the upside of this chart means that the actual bitcoin price will break to the downside.