Bitcoin has been going up, but will it continue?
The Bitcoin price is making a bullish move now, but will the trend sustain? Until the price breaks through the upper trend line we could still be in last last last stages of the correction from the big up trend from a few months ago. But two things give me hope we will break through that upper trend line...
When we zoom into the 30 minute chart (above) we see the bottom head and shoulders chart pattern. The height of the pattern is approximately $7500 (the neckline) - $5900 (the top of the head) = $1600. The projected height of the uptrend is this same distance added to the original neckline, approximately $9100. This is a little short of the upper trend line, so this pattern alone does not give me confidence Bitcoin's bullish trend will sustain.
But the Elliott waves I found also suggest a strong bull trend is just beginning. If (4) finds support inside the lower trend line I would be even more hopeful that this is the very beginning of the next big break out.
These two things in conjunction with the fact the stock market is (probably) just beginning to correct **from a 9 year bull run** makes me confident that the price will continue to rise. Bitcoin is on sale, and many more traditional investors probably have taken money/ will take money and begin taking "small" positions in BTC and other cryptos. I think the price may snap up aggressively because (I feel like) by now most weak hands have been shaken out and the majority of the market are believers in the technology/ its upside potential. If the market is filled with people who just bought on sale BTC (and other coins) and long term hodlers, who is going to sell their positions at these prices right now?
Hodl and buy yesterday my friends. I feel like I will be talking about this moment for years to come...
Disclaimer: This is just my opinion, this is not investing advice.