If you are into day trading BTC I’m sure you feel the nerves getting a little jittery. BTC is on a scary downward trend on the daily, but is still up on the weekly. Are we in the midst of a bearish reversal? Are we destined to dip back into the teens?! While many analysts would say no, any long term hodler will tell you that Bitcoin has a nasty habit of doing the opposite of whatever you want, and doing whatever it wants instead.
What is interesting in our analysis, is that we still see MASSIVE upside coming our way.
Take a look at the 2018 Bullrun.
It is impressive, but now look at our current bullrun.
These two runs are not the same. Look at the 2018 spike followed by a defined dead cat bounce and then a dramatic flush out. We are simply not there right now in 2021 we have yet to hit the BIG SPIKE. We think this may be a huge buying opportunity for anyone looking to snag up some sub $60K BTC.
If you are looking for a day trade, we can’t help you. If you are curious if now is a good time for a long term buy, it very well might be. Some things that may negate this outlook would be a strong break below the ichimoku cloud, as you can see we dipped into it and were firmly bounced from it.
Our prediction and hope would be a sideways floor forming at $50K for several weeks before the trend moves forward towards ATH. We are not giving financial advice on whether or not you should buy now. We will be entering if the $50K floor holds and a close above $50K on the weekly repeats until January.
(Charts are taken using Kraken Exchange and the candlesticks are weekly time frame.)