Top technician says ride bitcoin roller coaster to another breakout

Top technician says ride bitcoin roller coaster to another breakout

welcome back to fast money another wild ride on the crypto coaster today as Bitcoin plunged below 10,000 before bouncing back the chart master calling for a move to this 10,000 level two weeks ago what we've got here is this and then a consolidation this and then a consolidation is just breaking out so we're back to the days of the Bitcoin bug perhaps I think the important thing is not about how I can go it's that the lows of December are likely to stand is important lows and that this is an enduring thing to be played on the long side be there the Bitcoin bug appears Carter what's next for Bitcoin well a Wild West to say the least but let's draw some lines because you always can that's the beauty of charts so we know around 3000 mated lows in December and we've had this great run-up but really it's quite optical it's quite orderly despite all the sensationalism it has been a well-defined trendline and it is found that trendline repeatedly and the sell-off today it's a four session sell-off peak to Toronto 30% we essentially got quite close to the trendline charts are important not because I say so because they've been around for hundreds of years the level is right and I think the betting should be that you will get a bounce you will get a bounce you will get a bounce and you will get a bounce let's pull this back a few more times here to put in perspective is the bigger picture we know we had this huge consolidation which is what this is and it's effectively I think that is your optical setup pull it back a little bit more our all-time high at nineteen thousand five hundred can we get there that's anybody's guess but what we do know is this is quite orderly the lows should stand as major lows in December and this pullback 30% I think it's an opportunity to get long if you're not long already hey Carter is is the downward is the chart basically that broke down in why is that not possible every time in other words we saw that bitcoin basically through those December's up to the December lows actually at one point really just gave up and and you had this that is it about establishing a new base well that's right but remember if you really had a long-term chart of course it's not only down here but it's down to the carpet down to the floor down to the floor below us right so it's still way way up from its inception in that sense and I've left that off of here to put this current action in more sort of immediate relief but the point is that this was such a big base and it was so abandoned and it was so hated just as this was such a base from which it collapsed so that you had really this standoff and you had this epic collapse you had a base again and now you've had this very symmetrical recovery I think that establishes those lows as the main event you've got the Bulls coming out of the woodwork once again Carter is is 20k a call for 20k is that nuts in your view you know a former highs are important and you know this thing it can move 30% down you could do that in a matter of hours the truth is right it's trades 24/7 I like the pullback I think that's key because the pull backs are what actually keep it going because you're shaking people out you're hurting people every time you pull back who won't come back again or who maybe will when it's much higher so it's not nuts I don't think it's nuts and the first try you saw is very chart herbal you you you


47 thoughts on “Top technician says ride bitcoin roller coaster to another breakout”

Leave a Reply

Your email address will not be published. Required fields are marked *