A few weeks ago we signaled a potentially bearish reversal pattern on Bitcoin’s chart. That’s when we wrote Crypto Bear Case Test Ongoing: Most Important Crypto Test Of The Year. We gave specific tips to our premium crypto members on how to avoid being trapped if this bearish pattern would become dominant, but also how to benefit from it in case the bears would win. Yes, our members got a long signal for BTC between 6k and 6.6k. Today BTC trades 15 to 26 pct higher, and our long term long signal has proven to be accurate. The probability of a bear market in cryptocurrencies is now decreasing exponentially. Our crypto predictions are still valid, even though they might be delayed in terms of reaching target prices.
The BTC chart, as the leading indicator for cryptocurrencies, has quite some good news.
First, it did invalidate its potentially bearish reversal pattern. This means more upside potential, and fear for a continuation of the bearish trend of March is invalid. See the yellow oval pattern on below chart.
Second, the tactical bear market that started in July of 2019, in the context of the new secular bull market that started on April 2nd, 2019, is now over. See the red falling channel on below chart.
Those are two bullish outcomes as per Bitcoin’s complex chart.
The third, and most powerful, bullish event may be underway now. We signaled 7.8k as a crucial price level, especially when we wrote Bitcoin Eager To Move Higher, But Don’t Be Fooled By Resistance Points
BTC looks eager to break through 7.8k, and confirm its path to 9.2k which is where it will find heavy resistance.
Here is one insight from our crypto chart analysis: once above 9.2k we’ll see momentum enter the crypto market. That’s when we will take a short term trade which typically has 30 to 300 pct upside potential.
In our long weekend edition for premium crypto members we feature 20 cryptocurrency charts, an update on our top 5 cryptocurrencies, and even a tip for a trade in a tiny cryptocurrency that looks very promising for the long term. Get instant access to today’s crypto alert by signing up here >>
