Hi again all.
Like I told you last time, in 3 consecutive posts i`ll show you why nothing has changed in Bitcoin`s technicals (up to this date) and the bull run is not over yet at all. This time will be the weekly time frame so let`s go straight to the point.
First of all, there`s a lot of indicators in this charts. I don`t like to over use so much indicators but for the use of this post I must. In the left chart we`re seeing:
1. Blue dots – parabolic stop and reverse (PSAR). Very reliable indicator which is still showing bullish signals despite the last week big dip.
2. Yellow to red lines – EMA ribbons. And again, the price is still above it, bouncing from their top, and the ribbons aren`t flipping, despite the last week big dip. Bullish.
3. Green channel - Gaussian channel. Almost the same as the EMA ribbons and even better price action. The price is continuously above the channel, bouncing from it`s top, which is what…? Bullish.
4. The green/red line below the chart - Network Value to Transaction (NVT) and Historical Volatility (HV) combined indicator (NVT&HV). As long as we`re near to 40, there will be big volatility soon. Last week`s dip spiked HV to almost 56, but looks like it`s going back down. The color of the like is showing the potential way of the break. Green is bullish, red is bearish. What color it`s showing now? Green – Bullish.
In the right part of the charts we`re seeing:
1. A beautiful long-term upward channel. Like you`ll see every touch of the top of the channel is the cycle top. We`re we now? In the middle of the channel and the scenario can be exactly like 2013 and 2017 – a touch of the middle line, pull back and then a shot to the next ATH and the top of this channel. A conclusion from all this – bullish.
2. Below the long-term upward channel – Puell Multiple. Very simple – spikes are the tops but they must be over 5. Where it was at $64k price level – around 3,50. Where are we now – 1,24. A plus are the green and red vertical lines. What is the last line – green. Are there any red lines soon – no. A conclusion from all this – bullish.
That`s it for now. Like I said last time, the weekly chart is way more interesting and bullish than may be all the other ones. Next time – a monthly chart.
See ya and remember… DCA (dollar cost average) all the way. It`s a marathon not a sprint.