Now that we have a local higher high, I'm feeling bullish on Bitcoin. However, I know better than to FOMO in. There a couple things that indicate we may not be out of the woods yet. Zoom in closely to the areas I have circled in red and pay attention to the GREY 4 hour 10 MA represented on the weekly chart. I outlined 2 of them with blue triangles to highlight them. Noticed the lower local high on the MA in comparison to the price action. This is a fast moving MA so shouldn't take much for it to reverse. If it reverses from the 9k range that is surely a bullish sign. However, if it plays out the same as it has within the past year, we may see some downside maybe around 7 or 8k. It should become clear within a week or two. Looking at the overall weekly history of bitcoin, we are very bullish at this level if we can maintain it. That's the hard part.
If this post gets 10 likes I will update with my BTC long entry. Thanks!
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A little easier to see here
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Took a long position via my 1UP formula @9630. Should be good for a long trade if we can hold above the 9400-9500 area.
Disclaimer: I am not a financial advisor and this is not financial advice. For entertainment purposes only.
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I'm in profit so I'm hedging short on my long for now, due to declining strength and lower highs. Not sure if it will be a good idea, but I'm in profit, so sitting in usd profit, hoping for better entry, in order to manage risk. I closed my trade 9764. For more updates on my next long re-entry, feel free to my join my discord! It's free and I'm mostly talking to myself in there lol.
Something interesting I'm noticing here on the monthly close. Although my outlook is still bullish for now, I can find only 1 other instance of this config with the 10ma on the monthly. To me this means if we can't hold 9k, this could essentially still be a huge fakeout. I'm still bullish in the mid-term and looking for entry , but I would like to see the monthly confirm before going full HODL mode. As for now I think we are in "buy the dip" mode, just waiting for the dip. However if we start closing below 8800-9k, especially on the monthly, things could get ugly again. I'll update when I find my entry.
peakindicator
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A little easier to see here
Bjornpro
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@peakindicator, yes agree we need to cool off first to 7-8 price levels , but i think its more 7800 at lowest 8.6 levels, if we do that and move again past 8800 k im bullish long
peakindicator
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@Bjornpro, sounds good to me!! I'll remain bullish as long as we can stay above 8500 area