Bitcoin - Preparing for Massive Pump

17 jun

Bitcoin has almost completed its consolidation, preparing for a major pump to the upside.

Although the Daily EMA is showing a Bearish trend (EMA Crossed 2 days ago), on the WEEKLY chart, the trend is still very much Bullish.

However as we can see, there is a Daily FVG waiting to be filled by price action. This Daily FVG is also where many Longs have their Stops in the Futures markets, which I suspect will be the catalyst for the first initial pump upwards from this current price range/area.

Price action is still in the premium zone, however I suspect by another 24 to 72 hours, price will arrive in the discount zone which will be the reversal point. (eg: below the 0.50 Fibonacci marker)
I have made a white box which shows the area I suspect will be the reversal point to the upside. Anywhere in this white box should be the reversal area. I do not expect the price action, at this point in time, to go below the $60,000 dollar mark. I am expecting price action to fly past the previous ATH.

18 jun

Nota

Price action has now just touched the top of the FVG which means it has made an Equal Low.
Now prepare for price action to dip into the FVG, and then reverse very fast, after all the stops have been taken.
This should be the start of the bull run as all other FVGs have already been filled below.

23 jun

Nota

We are now in the DISCOUNT ZONE as well as a Bullish Trend in the Weekly. Although we have a Bearish EMA cross in the DAILY, due to the Chart's structure and Level count in both the Monthly, Weekly and Daily, it is my opinion that we should see a reversal to the upside shortly, most probable at the start of next month (July).

Here is the Daily level count thus far:

25 jun

Nota

Price action has now filled the reversal zone with a 3rd level and is now in the DISCOUNT area, promoting the buying of bitcoin.

Now we wait for the market (manipulation) to decide whether or not it will be a WEEKLY wick to the WEEKLY GAP before continuing in the WEEKLY bullish trend or if the current DAILY level will hold to reverse to the upside and take out all the liquidity above the Equal Highs, obliterating all the Shorts taken by the permabears trading futures.

In my opinion, I'd like to see the permabears get obliterated which will push the pump higher in a major way as there is significant liquidity just above the equal highs.
Those permabears are the same people that comment on my charts with insults and drivel, but ultimately, the market sentiment will prevail, one way or another.
This will assist the entire market, including most ALTs that are currently majority correlated with Bitcoin.

I will update the chart once a new level is visible and/or reset, thus waiting on the next FVG or Gap to be filled.
My opinion thus far is that we will see a reversal at the start of next month, as previously stated, around the 1st to the 3rd, more than likely this coming Monday - Wednesday.

26 jun

Nota

Here is the WEEKLY chart if anyone is interested

26 jun

Nota

As you can see, the EMA cross is still very much Bullish, has not been bearish crossed and we are at a LEVEL 2 currently which we expect to go to a Level 3. I'm quite confident that price action will definitely reach 100K+ USD and well beyond by the end of this year, maybe even sooner, thus flipping the birdy to those pesky permabears.

4 jul

Nota

The reversal area has now been invalidated with a Bearish Reset.



Thus the next level is a level 1 through to level 3 inside the WEEKLY GAP and in my opinion more than likely will hit the DAILY FVG where there is a lot of Liquidity.

Although this is going to involve a lot of pain, both in the Bitcoin market as well as the Altcoin markets, seeing almost all Altcoins are more than 80% correlated with BTC at this point in time. This could change, but currently as of the 4th of July 2024, the Alt Market is more than 80% correlated with Bitcoin.

I will update this space once I get confirmations on the next levels and structure.

15 jul

Nota

Quick Update



The price action has reversed within the WEEKLY Gap and hit the 1/2 way mark of the DAILY OB/FVG, whilst still inside the WEEKLY GAP.

This is a very strong indication that we can expect a strong reversal to the upside.
Not that we are now waiting for price action to break the $63,861.76 mark (And Close Above it) which will confirm the uptrend. We should also see a Bullish EMA Cross to confirm that too.

If all goes well in the next few days, we should see a continuous uptrend to collect the equal highs. From there I will upade another chart to see if we will consolidate in the current channel or if we will break upwards to the ATH.

16 jul

Nota

Price action has now closed above the $63,861.76 previous lower high as well as a Daily Bullish EMA Cross has been confirmed. This confirms the Daily trend is now Bullish together with the already Weekly and Monthly Trend being bullish.

The next step for price action is now to Run the Equal Highs, whilst drawing several retracements along the way. Once price action runs the equal highs, I will update the chart again.

3 ago

Nota

For those that are nervous about this current price action, note that this is a normal move, especially for bitcoin which has a habit of retracing to 98%.

What I'm expecting in this current move is for price action to reach the lower FVG which is also on an OB (Order Block) as well as inside a Weekly GAP. All the hall marks of a continuation of Bullish trend, even though the EMA is now at Bearish, I think we will see another change to the EMA towards bullish once a few more days pass, then we should start to see a move upwards to continue past the ATH.

I will update when more price action provides more insight.

12 ago

Nota

In the above chart, we see a particular situation which could present itself with various targets.

Thus, we are at a critical point in the market where, based on previous price action (chart history) and some issues that have affected and will affect the market, we now have 5x Potential targets as follows:

Target #1 = Daily FVG+OB: Range between $57,736.05 to $59,535.00
Target #2 = Daily Gap: Range between $45,288.65 to $46,800.00
Target #3 = Daily Gap: Range between $44,396.50 to $45,242.12
Target #4 = Daily FVG+OB: Range between $43,399.98 to $44,331.10
Target #5 = Daily FVG+OB: Range between $40,300.24 to 41,394.34

Target #1 is where the current price is centered inside a DAILY FVG + OB. This would be the optimal reversal point, however going by my Level count, we are still in Level 2 which means an inevitable drop again to a lower price point, either within the Lower FVG+OB range between $52,088.00 to $54,476.47 or to one of the lower targets #2 through to 5. My guess is there will be another dump, either due to some financial issue or possible military action in the Middle East or Ukraine. I labelled this as Possibility #1 in the chart above.

Target #2 is where price action could come down to one of the Daily Gaps and then reverse. I see this as a low probability move, especially due to the fact that Bitcoin has an irritating habit of retracing back to 98% of it's previous high.

Target #3, again, could come down to one of the Daily Gaps and then reverse.

Target #4, is a high probability reversal point where due to the Daily FVG + OB being where most of the liquidity would be held, seems the most logical target before a solid reversal. I have labelled this as Possibility #2.

Target #5, is a high probability reversal point due to the Daily FVG+OB as well as it being at the 98% retracement point that Bitcoin seems to so often follow. I have labelled this as Possibility #3.

Therefore at this point in time, due to the many issues currently under the microscope together with potential conflict escalation in the Middle East and/or Ukraine, and the level count showing a level 2, I see it highly probable that the current boxed reversal zone will be invalidated and we will achieve a much lower reversal point more than likely between Possibility #2 and Possibility #3.

I shall update when price action reveals more useful information.