BTC JUST MADE A MOVE IT HAS NOT DONE IN 4.5 YRS! +PRICE TARGET!Bitcoin has just pulled a move that it has only ever pulled 4 times in Bitcoin's short history so far and it has been 4.5 years since the last time it has made this move last!
Along every single Bitcoin Boom and Bust Cycle there is a key point where everyone always asks anyone "When do I buy? When do i get in?" Well the HODL answer to that is Buy the Dip.. and sell... i don't have that word in my vocabulary. If you had followed anything in bitcoin history you would also know that If you had bought anywhere below $10,756 USD/BTC (at time of writing), that you would still be in profit or even thus far in your trading career.
If you are an active trader of any sorts or want to get in at every micro trend dip to sell the rips, then you may have caught the trends that have already formed as well! Although Very Few understand the gravity and value that this move has shown in the Bitcoin Price. If you do then this chart below leaves you salivating and wanting to throw your Fiat right at bitcoin!
Currently we hold support at the .865 FIB and also the .786 FIB levels which are good indications to the start of a new bullish trend after retracing.
This retrace that we took in price action was the most crucial point we have see in 4.5 years. We not only held the .865 FIB with VIX and VOL increases of substantial measures, but we held above. a very key resistance point. The downtrending red line below where we held support and above the Green Arrow I placed, is the 3 YEAR DOWNTREND RESISTANCE that has plauged bitcoin since December 2017.
We took the first major step in breaking this major point of resistance after squeezing to the very last point of the symmetrical triangle shown in yellow from which we launched off of the $9,100 level and then proceeded to break that sym. triangle. 2 Days later Bitcoin demolishes the resistance point with a $1,400 candle on July 27th, 2020 -- from the $9,941.00 start, through the $10,100 point where the 3 YEAR DOWNTRENDING RESISTANCE layed, up to 11,450.00.
Most amazing thing is that it did it with hardly a change in the VIX meaning there was no resistance from the bears to hold their line of defense AT ALL. And was confirmed with the increasing VIX action along with the Inverse Correlation of the MACD (at the top) and the choppy price action upwards from $11,450 to the $12,500 price target.
Once Price Action re-correlated with the MACD in a downward trend, we see the VIX pick up rapidly for one of Bitcoins famous price retrace move of which we see happen. The VIX almost 3x'ing at the point of support to hold above the 3 YEAR RESISTANCE TREND plus holding the .865 FIB was BULLISH MOVE #1.
The Second Bullish move and in my opinion the bigger of the two moves in value and confirmation is where we have sat for the past 4 days since September 25, 2020. On a Red Candle we have held support not once, not twice but thrice; we are in the midst (during the writing of this analysis) of this 4hr candle holding above the 21EMA. Holding support on the 21EMA is the bull trend support sweet spot that throughout Bitcoins History we have proven time and time again to hold true.
In the Short term to Near Future we can see a slight drop back down to test the trend line holding up our ascent we have started, which can drop us temporarily below the 21EMA, but will be short lived. The longer term price target of our next move looks to be over the next 30 days and a movement back up to the $12,500.00 and then to hold as support using the ping-pong like action from July and August in the 11,900 - $12,400 price level as support. Next stop from there is the $13,700 to 14,250 price range in the next 45-60 days.
Until Next Time,
MahNemzJeff signing on with Gamblers' Paradise
