Bitcoin to $40k by Mid-March

Feb 20, 2021

A few reasons for this bearish outlook. Mostly comparing 2017 to the present day together with study on multiple time frames.

The blue line on the above 1-day chart is our bull market support 21-week moving average. Fear will likely be high around the time price action approaches it. This will be an excellent moment to pick up some discounted Bitcoin.

Feb 22, 2021

Trade active

Feb 23, 2021

Note

Noticed a lot of 'buy the dip' behaviour.

Circled in orange below is the Stochastic RSI. If you're wondering what dip to buy, wait until the Stochastic RSI is rotating and crossing up 20. Right now it is facing downward, you're only burning cash at this moment.

Feb 23, 2021

Note

PS: I know I said 'mid-March' above but at the rate we're going we might get there by mid-week! Which is fine, just wait for the rotation in Stochastic RSI.

Mar 21, 2021

Trade active

Breakdown from rising wedge. Price action might rise to test resistance. Notwithstanding a retest the daily chart is exceptionally bearish. Look at the Stochastic RSI crossing down under 20.

Mar 23, 2021

Trade closed manually

Mid-March has come and gone, the conditions of the original idea are now void.

Got to $43k in early March.

Apr 22, 2021

Note

Although closed were this idea still opened the target would now be ~$48k

May 17, 2021

Trade closed: target reached