Technical analysis by without_worries about Symbol BTC: Buy recommendation (5/16/2024)

On the above weekly chart of Bitcoin price action a signal not seen since March 2017 and previously November 2012 has printed. No one on the social media circles is talking about. You heard it here first, remember that ;-) What is it? Weekly hidden bullish divergence. It is the same signal that allowed us to long the S&P 500 from 3750 and the Nasdaq 100 from 11k while the internet was calling for Armageddon. (Both ideas below). Think of a regular bullish divergence as an oil tanker. They confirm and price action reverses trend providing a clean pivot in the market. Now think of the hidden bullish divergence as a speedboat. They come out of nowhere, completely unexpected by the market catching everyone off guard. Only two previous hidden bullish divergencies have printed on the weekly chart in the past. March 2017, 1900% rally followed and November 2012, 10000% rally followed Some of you may be familiar with the deterministic forecast from Steve of CCU and notice the ratio between the returns of the first two bull markets as 5.3. Thus leading us to determine the next market top is at $75k after a 360% rally. However that is not going to happen because of changes to the M2 supply as I’ve discussed elsewhere. The theory does not account for those changes, and as result invalidates an otherwise solid forecast. The market top is further up, have revealed this target elsewhere! Ww S&P 500 to 6k from 3750 Nasdaq 100 long from 11kComment: The main chart did not come through so clearly. Here it is again. Notice how price action now prints as support on past resistance?Comment: IF price action closes on May 26th (Sunday) above 66.4k, consider this idea active.Trade active: Price action did indeed close above 66.4k as required. This is a special weekly candle print, will say why elsewhere. Moreover the stochastic RSI on the weekly, do you see what happened? The cross?Trade active: Get ready for blast off. Price action is back to where this idea was published. The final ride to 100-110k begins soon! Keep in mind this idea is a weekly chart idea, not the noise that comes with price action on a day to day basis. Ignore that.