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June 30th 2020, Crypto Chartbook: Back to the future

Korbinian Koller, Midas Touch Consulting
0 Comments| June 30, 2020

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Back to the future

When reading fiction of time travel into the past or watching movies about time machines one theme dominates. The people who travel back in time worry immensely about how their behavior alters history. They fear about all the consequences of what they do when they are in the past, that will happen in the present. Nobody thinks about the huge consequences that much of what they do today, might have in the future. We encourage that thought. Rarely has there been a time where this principle is more powerful than now. With change being this accelerated you will even be assured to see the fruits of your actions within one life span. Back to the future.

BTC-USDT, Monthly Chart, Rejection For Now But Weakened Resistance:

BTC-USDT, monthly chart as of June 30th, 2020

With the month of June coming to an end, the monthly chart above depicts a rejection of the US$9,500 to US$10,500 resistance range. We as such have established the beginning parts of a reversal pattern. At the same time multiple retests of a distribution resistance zone consequently weakens that zone. You might find yourself in the last temporary breather to gain utmost clarity on how to impact your future by acting decisively in the present time.

Too often have we heard the stories of others having had good foresight on buying the right internet stock at the right time. Contemplating now on how a possible collapse or at least a devaluation of the world of fiat currencies might impact your personal life, is in order! Wise decisions and how a proactive participation in alternative financial instruments could look like in detail will be the natural consequence.

BTC-USDT, Monthly Chart, The Double “V”:

BTC-USDT, monthly chart as of June 30th, 2020 b

An alternate look at the same monthly time frame reveals a bullish scenario. Yes, recent price behavior has given the bears some hope, but there is a likelihood of a “V” within a “V” formation. And “V” shaped recoveries are the strongest reversal patterns.

The price action of the last four month built such a strong change of direction with prices advancing from US$3,782 to US$10,380. This “V” formation is illustrated by white up arrows with a total completion time span of 5 months.

The yellow up arrows are a projection of the possible larger “V” formation superseding to a price level of nearly US$14,00 with a total time span of eighteen months.

We see certainly a good probability represented by the yellow dotted line of price going far beyond.

BTC-USDT, Weekly Chart, Back To The Future:

BTC-USDT, weekly chart as of June 30th, 2020

Dropping down one time frame to the weekly chart shows why many might procrastinate and wait. It is true that no one knows the future. As well, things could take a while, but we are not in an environment where it is business as usual. Never in the past has so much money been printed and pandemics aren’t that common either. Counting on seasonal patterns might not work out with a precision we are used to this year.

In addition, we have an election year in the US. The latest unrests show how emotional volatility is peaking in various fields. Building long term positions in a world outside of fiat currencies can be achieved by starting with small position size. That would be the solution, if you think it might be too early for Bitcoin to break out above US$10,000. As well, Mining Bitcoin is also a very good way to build compounding positions.

Back to the future

At Midas Touch we pride ourselves to try to our best ability to transform our present day knowledge as projections into the future. Why we are elated is that recent events have given typical time frames of manifesting such a future a vitamin C injection. The future is literally manifesting at a faster rate.

We always try to be as realistic as possible but also optimistic in nature. That being said, if you take our notion from the start of this chartbook of how meaningful present day action projections can have an impact on the future, imagine if something good is happening now, what a grand consequence it can have for your future.

In other words, some trades are worth taking and riding them all the way out. Life will never be the same.

We post real time entries and exits for many cryptocurrencies in our free Telegram channel.

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