2018's Bull Run On the Way! A *MUST READ* Analysis

in #cryptocurrency6 years ago

 

Disclaimer: DYOR and only trade on your own accord. I am currently not invested in BTC or LTC. This is just my opinion.So...I  want to tell you why I think crypto's bull run is about to start from  both a fundamental and technical viewpoint. Here we go!Fundamentals:Well,  cryptocurrencies are currently undergoing a massive adoption period.  Whereas the previous bull run was largely based on speculation and  perceived value, this bull run will largely be dependent on use cases.  Cryptocurrencies as a whole are gaining media attention every day. CNBC  recently had a "Fast Money Goes Crypto" episode, Forbes & Bloomberg  have at least one article on Bitcoin a day, I recently saw an IBM  Blockchain ad on national television, and Trump even banned purchases of  Venezuela's shitcoin (although this may look bad if someone doesn't  know what crypto is). People are becoming more aware of crypto as a part  of everyday life, even if the initial Bitcoin hype-train has died down.  Litecoin and several other cryptos have launched payment processors  that make it much easier for merchants and retailers to accept cryptos  as real methods of payment.Moreover,  given the additional attention that the United States' state and federal  governments have paid to the market, crypto has gained legitimacy. A  few states have now begun to accept tax payments in crypto, and the SEC  has stated it would likely take a "regulate, don't hinder approach."  Combined with the recent statements from the Congress' economic report  on cryptos, the state of the market is overall bullish.Finally,  the largest exchange, Binance, is moving to Malta in an attempt to  avoid excessive regulations from the HK government. They have also  announced a MAJOR development with possible altcoin/USD fiat pairing in  the near future. This is yet another bullish event for all of crypto.Now for the technical analysis...I  will be using BTC and LTC charts to further support my points. (I  believe these are given the most legitimacy by their exposure and fiat  pairing on Coinbase. I am avoiding ETH because I have a few fundamental  issues with it.)Bitcoin: https://www.tradingview.com/x/KH05w6Ln/You see that bull flag on the hourly? It feeds into this inverse head and shoulders. --> https://www.tradingview.com/x/mQyJpScu/Now you see that inverse head and shoulders, it feeds into this inverse H&S. --> https://www.tradingview.com/x/ZmyPKYpZ/Now you see that inverse H&S? It feeds into THIS inverse H&S! --> https://www.tradingview.com/x/yaoFHvea/Now  you see that inverse H&S? Look at it again. The neckline forms the  resistance line of an absolutely gigantic symmetrical triangle. The  lower support line of the symmetrical triangle of the symmetrical  triangle is a very long-term support line.So  what does this all mean? Bitcoin is all about the fractals! It's insane  how many inverse head and shoulders patterns are feeding into each  other, not to mention the huge symmetrical triangle that is forming the  neckline. A breakout from the small bull flag in the right shoulder  could set off a chain reaction resulting in a ton of successively larger  breakouts. Given that these are all bullish formations, this is giving  us a STRONG signal that BTC is headed up to possible new ATHs from here.You  know what else? A very influential trader named Peter Brandt said that  trades really work when all of the timeframes line up. Well, guess  what...all of these formations are currently being validated by bullish  MACD crossovers across all timeframes! Even the daily chart, which has  been stuck in a bearish MACD crossover this whole bear market, recently  crossed over in a bullish manner.Further proof: https://www.tradingview.com/x/BmRfYDlX/You  see Litecoin's chart? THE EXACT SAME FORMATIONS ACROSS THE BOARD! The  future of crypto is in the charts, it's in the symmetry, and it's all  around us.I'll update as we go. If I'm  wrong, I will admit that I'm wrong, but I am highly bullish as of now.  We've gone through our moon, our retracement, and our consolidation. Now  it's time to start a new chapter in crypto, one of mass adoption.  There's beauty in the charts. Keep an eye out for the breakouts! Good  luck all, happy trading, happy HODLing, happy whatever! :)Update:  Seems like there’s always a price drop in the late night/early morning  hours. It’s almost like the bears read my post and are intentionally  trying to ruin my reputation. Good news is, even if the bull flag is  invalidated by the close of the next candle, we still have all of the  inverse head and shoulders patterns that tell us a reversal is in the  cards.Point of emphasis: If you use TA,  you should technically only make a trade after a successful breakout. We  still have to see at least one inverse H&S pattern break through  the neckline. Inverse head and shoulders patterns are only invalidated  if the price on the shoulder extends lower than the head. That being  said, a little price drop in BTC does not immediately discount or  invalidate all of what I said either. My prediction is that a large bull  run will come soon. A small drop is insignificant in the context of  what I’m putting out there.Updated Chart: https://www.tradingview.com/x/z0Twq2Or/We  need to see a rebound off the bottom of the triangle and a completion  of the right shoulder of the inverse head and shoulders. If we fall  through the bottom of the triangle, rapid selling will ensue and we will  probably see the death of many cryptos. If we do fall through, I would  consider a leveraged short position because it is highly likely BTC  drops to rock bottom.Update: Giving up  the bullish prediction. If you followed this post, I should emphasize  that there was never a breakout, which is necessary for a pattern to  confirm any sort of price action. Therefore, you should not have placed a  trade based solely on this post. I will apologize for the eccentric  title, but you should read through the actual material before even  considering a trade.Now, on to where we  go from here. Well, the death cross is now imminent. Also, there has  been a breakout for an inverse cup & handle formation with a  downside possibility below 3000. I do not believe we will go under 3000  again because of the psychological support, so we will likely see a  bounce before then. I do believe we still have further downside because  we have yet to test the previous 2018 low and have significant overhead  resistance from all of the previous major support. If we bounce from  that low, it will be a double bottom and fairly bullish. However, if we  fail there, we will likely be seeing 3000 before we hit the bottom of a  falling wedge.Chart: https://www.tradingview.com/x/dX0Zn6g9/Thanks for staying tuned and good luck.

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