Bear Magic is Dead. Get Used to it. BITCOIN! (BTC) (BLX)
Hi friends! Welcome to this update analysis on Bitcoin, via the BraveNewCoin BLX chart! Let's get right to it! Looking at the most recent price action, you can see that Bitcoin has found strong initial support on the weekly 200 MA (in purple.) This is very nice to see. In fact, the weekly 200 MA is exactly where the last bear market bottomed. So, based on this, I have been a buyer since the lows around 3200. If you follow me on Twitter, you know that I have been a buyer. I can tell that I have shocked a lot of people, who normally think of me as a permabear, but I have reached a turning point in my view on this market. It has fallen 85% from the highs, and is showing signs of holding around the weekly 200 MA. Now, I realize that the market could go lower, but I am ready to start cost averaging into my long term hold position. I think the bear market is likely to persist for years, and I am fine with that. I have made a lot of money on the way down, and I'm ready to flip my general investment direction in this market.
However, like I said, it may fall below the 200 MA, but I will just cost average into my long position at this point. I think the market is at a major discount right now. If price falls to 2000 or 1000, I will load up with even more. I am very optimistic for the future of most of the top cryptocurrencies. So, I am very comfortable with the adjustment that I am making in my investment position.
With that said, I do plan on shorting, if the opportunity presents itself, to hedge my long position. For instance, I would probably short a major failure below 3000, but I would not liquidate my crypto position. Just short to hedge, and then cost average at lower prices. That's my plan.
You can also see on the chart that price is near the bottom of the Bollinger band. So we could see a retracement to the middle of the band, which would be somewhere around 5000. Regardless, I believe that the market will move mostly sideways to lower, for the couple of years. During that time. I will be loading and loading and loading my boat. Say what you want. Captain Poop is about to set sail. Bon voyage!
Happy New Year Everyone!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
However, like I said, it may fall below the 200 MA, but I will just cost average into my long position at this point. I think the market is at a major discount right now. If price falls to 2000 or 1000, I will load up with even more. I am very optimistic for the future of most of the top cryptocurrencies. So, I am very comfortable with the adjustment that I am making in my investment position.
With that said, I do plan on shorting, if the opportunity presents itself, to hedge my long position. For instance, I would probably short a major failure below 3000, but I would not liquidate my crypto position. Just short to hedge, and then cost average at lower prices. That's my plan.
You can also see on the chart that price is near the bottom of the Bollinger band. So we could see a retracement to the middle of the band, which would be somewhere around 5000. Regardless, I believe that the market will move mostly sideways to lower, for the couple of years. During that time. I will be loading and loading and loading my boat. Say what you want. Captain Poop is about to set sail. Bon voyage!
Happy New Year Everyone!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Comment:
The last bear market bottomed in 2015, on the weekly 200 MA...
