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Bitcoin BTC Why We Haven’t Seen The Top Yet for BITSTAMP:BTCUSD by NoOneWhoIsSomeone

BTC has seen breakout after breakout. It is trading above the 200MA and has broken back in the Primary Bullish Channel that took BTC to its 65k All-Time High and will likely take the price to the next ATH!

This does not mean we don’t see some short-term volatility , but personally, I’m leaning against any big corrections here. The most I’m anticipating is a restest of the 54-55k level from a “Sell The News” perspective since BTC’s ETF was approved yesterday! This is because Short-Term Supply Holders are at a low right now. Even after this 40% pump, the FOMO hasn’t engaged yet. Inexperienced traders haven’t flooded the market again. This latest pump was purely a supply shock move. The next move suggests the FOMO and Euphoria faze as we head into the holiday season. In contrast, if you look at the May crash, Short-Term holders were at a high which lead to massive sell off’s from the dumb money. The dumb money isn’t currently priced in yet which is why I believe big moves down from here are less likely. Until dumb money floods back into the market again those big moves down will be few and far in between.

Here is another perspective of the significance of the break-out. This also shows how far off BTC is from any significant Bearish Signals Long Term. Any break below 45k at this point would be VERY Bearish , which is why I do not believe this happens short term. Again, BTC may retest 54k-55k before heading higher but this suggests it won’t go any lower than that as of now.

Another perspective of breakout;

More compelling still we have seen a breakout of this short-term bullish channel as well. It is important to note this still has to be confirmed but its a significant development nonetheless;

One more view from a different perspective;

Thank you for checking out the analysis, leave any questions or comments down below;

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