No need to say much today, with Bitcoin exploding; Bitcoin dominance rising (for now); and nothing but positive news as far as the eye can – and WILL – see. Just check out my Twitter feed - as from every imaginable angle, everything is coming up aces regarding Bitcoins present and future.
To that end, for those that think “TA charts” are all that matters, consider all I’ve said since January 2016 – at $425 Bitcoin…both fundamentally AND technically - as I assure you, while no one has a perfect crystal ball, when one utilizes an arsenal of analytic tools pulling from all disciplines, the odds of being right are a lot higher…particularly when your base premise is that one should buy, and HODL, the world’s most inexpensive asset.
As someone who obsesses over the crypto markets, tick by tick, it has become increasingly clear that Bitcoin’s bottom was made at the $100 billion market cap level – as I have discussed endlessly over the past 5½ months. Equally so, that after last week’s monster price surge – from $6,700 to $7,400 in the blink of an eye, that bullish market forces were rapidly returning.
To that end, when Bitcoin futures opened Sunday night, yielding an initial plunge from $7,570 to $7,350, here’s what I wrote…
Andy Hoffman (#HODLBTC) @Andy_Hoffman_CG
If $7,500 can be retaken tonight, following a BLATANT, FUTURES-OPENING raid, shorts could be toast tomorrow morning...and KING TA FUDster, roadkill. Just 1 or 2 billionaires or institutions buying $10 million worth could literally DESTROY THE SHORTS. #Bitcoin community, UNITE!
4:39 PM - 22 Jul 2018
Mere hours later, $7,500 was retaken - and a day later, $7,750. Subsequently, after watching the Bitcoin markets trade manically yesterday evening in the $7,700s, I penned the following – before awakening this morning, to prices surging above $8,300!
Andy Hoffman (#HODLBTC) @Andy_Hoffman_CG
Yes, the volume is returning to #Bitcoin - in a BIG way. This is bull market activity...END OF STORY.
7:03 PM - 23 Jul 2018
Given my current “hot streak,” here’s what I anticipate next – which isn’t GUARANTEED, of course - but has a VERY HIGH degree of probability attached to it, in my opinion.
To wit, last month, when Bitcoin was mired in the mid-$6,000s, with TA FUDsters left and right warning of imminent price crashes, I looked at the 1-day Bitcoin chart and concluded that when it crosses to the upside it would be very bullish. Lo and behold, it crossed bullishly on…wait for it…last Tuesday, just as the aforementioned price explosion from $6,700 to $7,400 commenced.
Consequently, after yesterday’s price surge, I looked at where the far more impactful 3-day chart was – prompting the following tweet yesterday at midday…
Andy Hoffman (#HODLBTC) @Andy_Hoffman_CG
Want some TA that MATTERS? When the 3-day chart crosses bullishly, the REAL fireworks will begin. Perhaps, a #Bitcoin ETF approval will be the trigger!
11:49 AM - 23 Jul 2018
…with the accompanying picture – depicting the 3-day chart within days of crossing bullishly; likely, at in the high $7,000s.
In other words, some incredibly bullish winds are swirling – gathering for what will be, in my view, a PERFECT BULLISH STORM in the second half of the year.