There is a lot of talk about Bitcoin being weak, going into another bear market, death cross observations making Bitcoin bearish. Is all this concern valid? NO, it isn’t. And this ‘no’ is printed on purpose in capitals and in bold. There is no bearish outlook whatsoever for Bitcoin nor for cryptocurrencies predictions! So then why is Bitcoin bullish given all the negative press around it? We revise the 5 reasons why Bitcoin is even super bullish going into 2020! Yes, you will conclude things are simple, and most writers and (pseudo) analysts out there make things seem complex for no reason whatsoever other than acquiring new followers on social media.
Out of our 50 Cryptocurrency Investing Tips For 2020 we consider tip #33 to be highly relevant:
Most cryptocurrencies have their own specific chart patterns. They also come back consistently over time. Respecting individual differences of chart patterns among cryptocurrencies is mandatory to take into account when analyzing them.
Every crypto chart has its own ‘DNA’ which you have to respect. Bitcoin has its own pattern. Acknowledging and respecting this is by far the most important thing to do.
Check it out, not any of the guys spreading fear mongering headlines about Bitcoin is applying our tip #33!
Why Bitcoin Is Super Bullish Going Into 2020
We see 5 reasons, yes it’s a simple and powerful as that.
- Bitcoin has this rising channel on its breakout on April 2nd, 2019. It was an extremely important call we made and it’s still available in the public domain: Bitcoin & Crypto: Bear Market Officially Ends Today, Bull Market Officially Starts Today.
- After a strong rise we see this falling channel since July of this year. The channel is not as steep as the rising channel after the breakout!
- Next is the horizontal support area at 9.1k. Don’t underestimate its importance after 5 touches! It’s critical. Right now Bitcoin trades above it, not below it. Yes this is bullish!
- The recent rounding bottom looks awesome. This is a bullish setup provided a breakout takes place, and it did. Last week, Bitcoin broke above the rounding bottom, which is bullish!
- Last but not least, the long term Bitcoin trend is enormously powerful. We did not embed this chart in this article but it is available in our crypto investing research service halfway the page.
The last point #5 is an important one. We might argue that in terms of priority it all starts with #5. Why? Because it is on the longest timeframes that dominant trends are visible.
So the dominant trend on the longest timeframe is bullish, and now see sufficient evidence that the short term trend on the shorter timeframe is bullish. This leaves us with one and only one conclusion: Bitcoin is super bullish going into 2020!5 reasons why #bitcoin and #cryptocurrencies are super bullish going into 2020: Rising channel since April 2nd (bull market) + mild correct since July + trades above horizontal support 9.1k + breakout from a rounding bottom + long… Click To Tweet
You better ignore all the rest it is noise meant to distract you from being successful!