As always, interpreting what BTC is doing is relatively simple if you keep the message simple. The main battle is still happening on the weekly timeframe, and this is why: For years, BTC has used the 200MA on the weekly timeframe as support, and we lost that support in June of 2022. In order to have a recovery, BTC has to simply climb and close at least three times above the 20MA. What does it mean that we've been trying to go over that white line for over three weeks now without success? Specifically, it means that every time we hit the line, sellers show up, but not that many. It means the majority are in it for the long haul. How can we tell that? Every time there is a selloff, we only go down a few percentage points; it is not a full-on meltdown. - Please take the time to boost this idea.
Looking at a faster timeframe to predict the future:
On the daily timeframe, we can see that we have exited the range BTC fell into back in June as well. We can also see that we have closed a few times outside the range and are currently testing it. All of these are signs that Bitcoin wants to go over the 200MA on the weekly this time. Incursions with the purpose of trying to go over resistance -- in this case, the 200MA on the weekly -- not always succeed in one or two attempts unless the strength of the recovery is very strong. Every step BTC takes tells us more about what will happen in the next few months.
Everything we see on the charts so far is positive, but all this talk of the mega bull market and blog pieces about how spectacular this bull run will be can only mean that the rug can be pulled out from under us any day. This is a warning for short-term traders, long term trades should be ok. Trade carefully and keep in mind that this is a game being played on a global scale. You are playing against computers, experienced players, and the market. My advice is to not just read the lines but to read between them.
VERY IMPORTANT: Hitting the "boost" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Looking at a faster timeframe to predict the future:
Everything we see on the charts so far is positive, but all this talk of the mega bull market and blog pieces about how spectacular this bull run will be can only mean that the rug can be pulled out from under us any day. This is a warning for short-term traders, long term trades should be ok. Trade carefully and keep in mind that this is a game being played on a global scale. You are playing against computers, experienced players, and the market. My advice is to not just read the lines but to read between them.
VERY IMPORTANT: Hitting the "boost" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
200ma -- it will be safe to do short term trades.