Technical analysis should be made as simple as possible, but no simpler. --Albert Einstein, probably
*not financial advice*
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This is my long-term base case for $BTC
USD is going to zero when priced in sats
May or may not be more pain in store for hodlers but don't get too cute trying to play the dollar long
$BTC daily
if this is a repeat of the 2017 ATH breakout, then this could be the retest before the final shakeout
the weekly chart is much stronger now than it was then, so I don't expect a repeat, but good to be aware in case we see a stiff rejection here
if $BTC bounces to the center of this channel it could reach $150K
I rarely post moonshot targets, but we saw 22X off the 2018 bear market bottom, this would only be a 10X from the 2022 bottom
@stevegraham
Why do people wait in line to board the plane?
Just wait til they call your name and you can make your grand entrance like a king once all your subjects are seated.
$BTC monthly
a close below the neckline increases the odds this inverse H&S plays out, while a close above could significantly reduce the odds of a deep retracement
$BTC finally matched the depth of the final shakeout in 2017, doing its best to liquidate short-term leverage
this prolonged consolidation is extremely healthy on the HTF but can be difficult to maneuver on the LTF, best bet is to chill and stack spot
$BTC daily log
we aren't just re-testing the megaphone, we are also re-testing a breakout of the channel that contained the bull run until now
if the re-test succeeds, the bull is free to run wild
$BTC monthly
7 consecutive higher lows and 2 full months above $60K
after running 3x to a new ATH it pulled back a mere 19% to retest the highest monthly close of last cycle
embrace the base forming here bros, this is extremely healthy
despite the strong quarterly close, $BTC was unable to clear the bearish retest level
strength on the higher timeframes improves the odds it holds the first support zone near the April 2021 high
$BTC holding the range and forming a bullish chart pattern into bullish divergences while testing the 200 MA for the first time since a new ATH
fear = opportunity
$BTC daily
unbothered, moisturized, happy, in its lane, focused, flourishing
the megaphone is tracking the most likely path as forecast last week, grinding towards the $57.7K target
gonna keep beating the bull drum unless this changes
$BTC daily
bulls woke up and chose violence
decent chance we see a re-test of the megaphone breakout at some point, but no guarantees
long and strong is the way, imo, don't overtrade this
$BTC daily
bullish patterns on bullish patterns
(1) the Falling Wedge target of $44K was enough to break out of (2) the Inverse H&S with a target $49K which leads to (3) the Megaphone with a rough target of $58K
$BTC 4H
rare to see the 50/100/200 MAs so tightly coiled
this indicates a big move is likely coming, and the symmetrical triangle favors upside continuation
$BTC weekly
3rd consecutive close above last cycle's highest weekly close
this healthy consolidation means the next $20K+ move is more likely to the upside
$BTC weekly
if this holds to the weekly close, it will mark the first time the 0.75 log fib fan was broken before the halving
this could open the door to an ATH before the halving
$BTC daily log
re-test of the megaphone presents a good setup for longs
on a linear chart the retest can go as low as $50.4K, but I'd like to see it hold on the log chart as well
significant deviation from the 2017 $BTC playbook
in 2017 the 2nd breakout rejected to a lower low, and it took over a month before it reclaimed the prior ATH
in 2024 the 2nd breakout rejected to a higher low, and it is already finding support at the prior ATH
$BTC weekly
2 months above $40K looks like a time-based rather than price-based correction before the next leg up
odds for the bearish case are rapidly diminishing
uncanny for a price projection to be so on-point
but this is why I charge the big bucks for my content
oh wait, it's all free, I just want to see my bros win 👊
$BTC holding strong above the 2023 bull market channel, megaphone, 61.8% cycle fib, 75% log fib fan, etc.
retests of a major breakout are healthy, as they shake out weak longs and trap over eager shorts
bulls have every reason for confidence and conviction here
$BTC 3-day closed with a bullish engulfing outside bar
each time BTC closes below the 50 MA then quickly closes back above it (or vice versa), a large move has followed
$BTC weekly
another close above both the April 2021 high and above the highest weekly close of the last cycle
the spring is loaded for a big move higher
in 2013, BTC ran over 700% in 40 days after breaking the 2011 high. Then it dipped for 3 months before an explosive 1800% finale
coincidentally (?) the 2024 halving is in 40 days. This sets the stage for a similar performance with a rally into the halving, a period of weakness,
bullish developments on multiple timeframes indicate the low is in and unlikely to break $63K
4H - bullish alignment of 50/100/200 MA
1D - reclaim 50 MA and first signs of bullish structure
3D - bounce off lower BB and reclaim centerline
1W - bounce off 78 HMA and reclaim 10 MA