I would like to share with you a comprehensive analysis of where we are at with bitcoin. An explanation of why there is so much confusion, why nothing seems positive and where we could possibly be headed. This is something I have shared with Purple Crypto Premium members.
I have here for you 4 charts drilling down from 1D to the 4H chart. It is clear we are in a corrective wave formation and have been for a while now. The 200 EMA has been nearing the 314 EMA on the 6H chart. It has crossed over on the 4H chart, and it looks like it is starting to turn down on the 12H chart. Point to note though is that on the 4H chart, it does look like it is starting to cross back over. What the?
Why the confusion? Because we are at the deciding point about the future of BTC. We are smack bang in the middle of a flat wave formation (which you can see clearly on the 6H chart) after hitting a doble top (visible on the 1D) chart. So are we going up or down? Lol…
Here is my ‘BTC ends its bull run’ analysis from August 10:
I have read several analyses of BTC’s “Parabolic Growth” theory (which btw, I think is absolutely rubbish). Here’s my take on it:
Do I want BTC to downtrend – NO. Who does? Oh yes…the whales. Do we have to prepared for it. YES. What do we do if BTC downtrends? Use what I refer to as “double trade profit points” to benefit from it (I absolutely love these). There is a hidden message in this chart…read carefully:
And here is a scenario for where BTC could be headed should it turn into a significant downtrend:
I would love for it to turn up as I am sure many of us would. However, right at this moment, anyone be crazy to make a prediction. There is simply no way to know and it is simply a matter of wait and see what happens.
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Trading View link: https://www.tradingview.com/chart/BTCUSD/tLRa4Ean-Where-is-BTC-Bitcoin-Headed/