Aaron & Austin Arnold recently sat down with AJ from AJ Writes Crypto to deliver a detailed technical analysis of Bitcoin’s next potential move. The CoinSpeech team collected the most important takeaways from his appearance. You can find the Aaron & Austin Arnold’s new video below.
Bitcoin’s Technical Outlook
AJ kicked off the discussion by examining the Bitcoin 2-day chart. He noted a concerning trend, “it’s unfortunate we kind of have this slightly lower high idea like kind of pushing that direction and that’s not the direction we want to see the trend line go.” The oscillator, Market Cipher B, and Dual Band Strength Index indicators signal a likely bearish trend in the coming days.
However, AJ remains cautiously optimistic: “Just because we pushed down a couple days doesn’t mean we’re going all the way down. We could just come down and retest the 50 EMA which is what I’m hoping.” His analysis suggests that Bitcoin could see some price corrections but will likely maintain its overall uptrend.
Price Targets and Long-Term Predictions
Discussing Bitcoin’s future, AJ holds an optimistic outlook: “Honestly, my Bitcoin price prediction is probably minimum 120k. I would like to see it push, you know, 170s, 180s maybe even the 200s.” AJ believes that macroeconomic factors and a potential positive regulatory environment could propel Bitcoin to these unprecedented highs.
Essential Advice for New Traders
For those new to trading, AJ advises patience and long-term dedication: “Take your time. Everyone’s in a big hurry to get rich. Trading is just like any other skill. If you want to get really good at playing basketball, you can’t just get into the NBA. You’ve got to go to the gym every day.” He emphasizes the importance of a disciplined and methodical approach to trading.
Altcoin Insights
When it comes to altcoins, AJ highlights Phantom (FTM) as his favorite trading chart. “Of all the charts I’ve traded in crypto, I’ve made the most money trading this chart. It looks like Phantom is trying to put up a fight at this level and it looks like it’s fighting to stay above the 50 EMA.” He sees potential for Phantom to rise in price if Bitcoin does not weaken further.
Understanding Technical Analysis
Addressing the debate on the validity of technical analysis, AJ explains, “It really is probabilities. You can have a bad win rate and still be a profitable trader if you manage your risks correctly. Set tight stop losses and don’t get emotional about trades.” According to AJ, understanding and adapting to the trading landscape is key to long-term success.
For a deeper dive into AJ’s analysis and insights, watch the full interview below: