Long Term Update: Bottom Done.

kama
Kama Average and deviation lines – XBTUSD weekly chart

This is the main template I use with the tradingview platform, it is a weekly XBTUSD chart with the Kaufmann moving average I modified by adding the deviation lines.
These deviation lines have been appropriately calibrated according to the volatility of the underlying asset.
As you can clearly see, the market has never tested the second negative deviation line and has always reacted from the first line.
So it was also yesterday after a minimum at 9200$ where a strong reaction took place up to 11600$.

I think that this market is headed well above 20000$ in the upcoming weeks/months, for completeness a possible bearish scenario would imply first a drop down to 7500$, a subsequent reaction to 9500$-10000$ before resuming the fall to new lows. This possible bearish scenario would convince me to liquidate all the bitcoins i bought in 2014-2015. As long XBTUSD stays above 9500$ i’m not worried for my long term position.

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12 thoughts on “Long Term Update: Bottom Done.

  1. Emilio

    “I think that this market is headed well above 20000$ in the upcoming weeks/months”

    How much above 20k? 50k-70k safe scenario still valid?

  2. Brian

    Hi Enky,

    I know that this is a little bit old, but I am keen to learn about your opinion on this regardless.

    “But the cryptocurrency isn’t anywhere close to its potential, according to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it’s reasonable for bitcoin to explode to $500,000 by 2030.”

  3. Arturo Chomyszyn

    Hello Enky. I follow your posts since a few years now and I take your analysis as the more serious and updated in the internet. I wanted to know if you can recommend me any book or online course I can do to understand from scratch (yes like a newbie) all the tools and indicators you use. Any recommendations? Thanks a lot.

  4. Kacper

    Hi Enky.
    Thank you very much for you posts !
    I have some questions regarding the bearish scenario, do you still feel that the bearish scenario is out of reach as bitcoin is recently hesitant to go strong above 11000 ?
    Could you please say something more about the bearish scenario, how it might play out ? and what would be next support if the 7500 USD breaks ?

    1. Bearish Scenario is in place with today drop, if there is a repetition of 2013-2015 beark market the support area might be the one from 4300 to 5800, check my twitter profile to see the chart.

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