BITCOIN BOUNCE OR CRASH!!!!? CME GAP FILLED AGAIN!! BAKKT RECORD VOLUME!!! in this article yesterday the back volume had a new record day I want to talk about the institutional interest in Bitcoin in the fact that the back volume is massively increasing right now I also want to talk about the fact that the Bitcoin price of course broke out of this horizontal triangle and like I said in yesterdays article it was looking like Bitcoin was coming down for another feeling of the gap also in the spot chart and now you can see how Bickle did finally come down and close the gap again I want to talk about this big week we saw a few days ago and the fact that Bitcoin has now filled the gap even on the spot chart and like Ive said for the past few days the gap has been the only big reason for me to be cautious but now that we have filled it there is no longer any daily seeming futures gaps to be filled below us lets talk about that and I also want to talk about my target in 14000 in the longer term 11, 000 in the shorter term and if I still believe that that is going to happen or not and if you think that that sounds interesting there nothing that you should definitely review hello guys and welcome to the madness Carl and Im here to bring you this cryptocurrency article and lets talk about the fact that Bitcoin did break out out of this horizontal triangle and it is currently decisively trading below the 200day moving average because now we have of course the volume started to kick in and we do have a daily close below the 200day moving average and before I continue talking about it I just want to do a quick little mention and that is the fact that I am going to block show in Singapore it is the 14th to the 15th and also there will be a side event with a few other influencers in the crypto space on the 16th and basically if you want to come and meet up with us go to the link down below and just to sign up and all this blogger event with influencers there will be like a QA and some panel discussions and stuff like that and if youve never been through crypto conference I would suggest that you start looking into go to the because even if you dont get immediate value from maybe creating business deals or something it is actually just very fun meeting likeminded people but yeah thats that lets talk about the bit comprised we can see the Bitcoin form this horizontal triangle this bullish pennant and of course technically I think that when we look at the horizontal triangle after a big move like this the the chances of us breaking to the upside should be higher rather than the downside but as you can see sometimes we do break to the opposite side and I do want to point out the technical target that should be calculated like this and this gives us a target of 8.3 K however I want to clarify that I am NOT playing a shorts down to these levels in fact if anything I will be putting in some limit orders with long positions down at eight point four to eight point three so if Bitcoin were to get a huge week down to these levels that would be a nice place to pick up some Longs would you have some previous resistance which should turn into supports down at these levels as you can see right there however the long term the medium term I am still bullish and I am still in my long position that I was talking about a few days ago Im gonna show you in just a minute and the reason why I am still bullish here in this medium long term is that I have not changed my mind in regards to the fact that we have a falling wedge and we broke out of this following wedge I mean the sheer volume that came in when we broke this resistance tells me that we did break out of this falling wedge and the target in his falling wedge is 14, 000 and obviously were not gonna meet 14, 000 tomorrow or the day after tomorrow but I still believe that that is our target and thats why I am still bullish in the medium term here and yeah so lets not confuse the short term with the longer term and like Ive shown you I have entered my long at nine thousand eleven and Bitcoin is currently trading at the eight point eight so so far Bitcoin has fallen 100 bucks from my entry points however just like I said a few days ago I did take profits off of this long position when I was in profit and what I said in that article when I took profits somewhere right there was that I taking profits because the futures gap had not been filled and that is the only reason thats holding me back and yeah right now the futures gap is filled the second time I mean we didnt see this big wick but yeah now were seeing the sports chart also fill the gap as you can see this sports chart has now come down and so now there is no gap the lowest on the daily chart and the fact that the gap wasnt filled that was the reason why I took profits up there and I was very transparent with that so the fact that we have filled the gap now makes me think that we will see balance at some point here the only question of course is what exact level will be the balance we do have some previous resistors in these levels if we go back to this chart we can see that this is a previous resistance point at approximately 8.6 K to eight point seven and if we go to the daily and bring out the EMAs we can see actually that the bit comprised is currently getting a bounce attempt off of the two hundred daily EMA and this was a level that acted as resistance back there so that could be an interesting point to watch and I showed you this two days ago we have this 200day moving average the red line and we have the orange line the 100 this is a tightening range and what I said was basically a big move is coming because the middle price is going to have to choose either to break the 200 to the downside or the 100 to the upside but regardless a big move is coming and now would you see that breaking one of these did in fact result in a big move and not only that we also have had of course this horizontal triangle with upwards earnings reports descending resistance tightening range and obviously also the declining volume but still I dont really think that the volume was overwhelming so its not like were seeing the worst case scenario I mean we have a lot of volume but not enough to make me bearish in the medium term like I said I do still believe that the overall momentum is definitely shifted to the upside here let me just zoom out a little bit because when you see a move forty percent up like that its obvious that the Bulls have stepped in and the Bulls have taken over control after a big correction to the downside and like I said I still believe that we broke out of this falling wedge and I still believe that bitcoin is on its way up towards 14, 000 and some people in the comments they are asking why I said 14, 000 and now were going down but I would like to say one very quick thing please dont read my titles and thumbnails and expect that to be a summary of my analysis please watch the articles and it will be much more clearer to you what my analysis is actually about and I still believe that we are in a consolidation phase I dont think that were gonna part down back to 8, 000 as some people seem to be worried about right now I still think its possible that we might be forming a pool side for example but basically when we see a big move like this always we do see some form of a continuation move eventually and obviously we could have seen it from this point up there but this continuation move is just getting delayed right now and it will come at some point and I still believe that that is the case and thats why Im still long with low leverage and I still trade the short term I have two accounts like Ive said previously and if you just take out the EMA ribbon on the daily something that Im watching right now in the immediate shortterm is the daily EMA ribbon that is converging very nicely here this looks like a very big point of resistance we broke it that is of course bearish in the short term as long as we are below this level I think that bitcoin is looking bearish in the short term and if Bitcoin could get back above the 8.9 K level right there and that would shift the momentum back into the immediate bullish trajectory so thats what Im watching now but you can see how this is providing resistance at approximately 8000 880 and of course that point of resistance is looking strong so this is what I am keeping a close eye on in the immediate future so yeah basically the 8.9 K thats the important level in my opinion look at bullish versus bearish and next up yesterday backed had a new daily record of 1756 backed Bitcoin futures contracts traded so back is gaining momentum right now and I think that this is definitely a bullish signal for the medium term and I think this is a sign that the institutional interest is growing and and of course it will take time until pact is getting this massive volume that everyone is waiting for but pact is there its open and its ready to to handle the volume when the demand is there and I think the demand is already growing quickly in the institutional circles and like Ive said so many times about fact I think pact is a very good liquidity channel from the bigger money into Bitcoin this makes it easy for the big money to enter Bitcoin and the fact that the back tutors are physically backed by Bitcoin that is what differentiates back from everything else and this is what makes me very bullish on the fact that back is launched and its right now getting this volume up and running let me just show you the chart of the backed futures you can see that it started very very slow people were very very skeptical about bags but of course nothing can just immediately gain a very nice volume you can see how now after the big 40 percent spike weve seen the backed volume massive the increase and yeah like I said yesterday was the record volume and this is looking very very bullish I think and yeah let me know down below what you guys think about the pact and the fact that it is currently increasing and also I want to show you this tweet I tweeted just a few moments ago and Ive said this many times but the fact that the Bitcoin supply is limited to 21 million makes Bitcoin the most scarce asset in the world because you cannot get a limited supply anywhere else than in the digital world you can get a scarce supply but this actual absolute scarcity is just not possible in the in the reality in the actual in the in the physical world because of course gold is very limited its very scarce but there will always be an inflation in gold because you will always be able to mine more gold from the earth and of course the classical example of a big asteroid coming down with trillions of dollars worth of gold I dont like that example because the chances of that happening are just so slim but still there is no hidden supply of Bitcoin anywhere its not like were gonna be able to mine Bitcoin on on Mars right so theres no hidden supply there will be no surprises the 21 million thats a limited supply we can never change it and this is what makes me believe that Bitcoin will act like a black hole in the bigger financial markets and just swallow more and more value from assets that have high inflation and the best example is of course fiat money and if you enjoyed this article please leave your thumbs up and if you havent seen this article please click right there right now and Ill see you guys tomorrow Oh
BITCOIN BOUNCE OR CRASH! CME GAP FILLED AGAIN! BAKKT RECORD VOLUME!
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