Bitcoin (BTC/USD) ANALYZED.
Let's pop up a very detailed analysis after this long absense of posts.
First of all I want to apologize to my followers to the lack of updates lately.
I've spend a very nice holidays in August and I've been super busy in September. It's not always easy to get back to work.
Also is important to know that August is the most quiet month in the financial markets. Even the top managers of the financial world need a few weeks off to recharge batteries. First weeks of September are also very quiet if you check historical data.
Let's get to the point: BITCOIN (BTC/USD) ANALYZED.
Nothing has really happened lately in crypto world.
Still trading inside the MASSIVE triangle which means the next move will last maybe for years of solid trend.
Lots of info presented here. Main thing is: still inside the triangle with not much time left till the breakout happens.
The more time spends on a level the more relevant it becomes.
So a quick conclution will be that Bitcoin is building its way up and accumulating for a solid year move.
If this triangle gets confirmed, we might not see BTC at this levels in the foreseeable future again.
Now let's see a classical key levels chart
Major key levels have allowed risky traders to try to play Bitcoin in the very short term
As I'm not in crypto for the small moves specially when the mid term trend has been bearish, I've not been trading lately at all. However the most active traders may have had some profits playing with inside the boundaries.
As long as a breakout with huge volume happens, Bitcoin is still accumulating and in the middle of "nowhere".
What if you're a Permabear
I would suggest this Elliot Wave count in the case you're expecting some downfall.
There is still some room for shakeout. Big whales do love to shakeout weak hands and we're at the last stages of the triangle which suggest is the right time for a fake breakouts and short term spikes before the major move starts.
Conclutions in BITCOIN
Nothing has really happened in Bitcoin in the last couple months.
The most relevant thing fundamentally speaking is the ETF and the major meeting the EU partners will have in October.
At the minute the weak projects are being shaked and we'll see some coins go down.
This is no big news since almost every smart money knew there were too many coins (and some of them with no real team behind them).
Basically all of the developers of small projects that were relieving in their "coins value" to finance their project have been shaked. This is a good thing because Bitcoin and the real usecase projects will gain market share in the foreaseaable future.