Macro outlook for bitcoin is still very Bullish . We currently see BTCUSD testing an area of resistance and the top of the upper trend line. If we get a bounce off the trend line , we may see price fall slightly . Bulls seem to be buying around the 45,190 zone but we could see price drop to the golden zone of around 42,600 . but, hey who's going to be crying over a few thousand pennies huh if and when this thing moves we may see 56, 600 as our first and an ATH break then upwards to 70,000 ? .
I personally wouldn't be pinning my hopes on getting in at the golden zone as these cryptos in a raging bull market rarely if ever reach it , I won't say never , because you just cant be pin point accurate in any market but it's good fun trying .
Another strategy and a somewhat safer one would be to WAIT for an upper trend line break and catch the re-test , but if this thing fires up it may not want to look back . Either way I hope you are successful in your strategy.
I personally wouldn't be pinning my hopes on getting in at the golden zone as these cryptos in a raging bull market rarely if ever reach it , I won't say never , because you just cant be pin point accurate in any market but it's good fun trying .
Another strategy and a somewhat safer one would be to WAIT for an upper trend line break and catch the re-test , but if this thing fires up it may not want to look back . Either way I hope you are successful in your strategy.
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As you can see we had a break of the upper trend line and a small correction then another move to the .786 fib zone . Price has now corrected to test the orange support zone . Stochastics are in negative zone oscillation just below 20 but price is still above the 800 EMA . If you missed the trade earlier it might be an opportunity to enter but I would wait for confirmation in this support zone . Example might be a long Stoch crossover with RSI heading upwards above 30 or engulfing or rejection candle . If it breaks this zone we may be in trouble for the short term . NOT trading advice only analysis . Please stick to YOUR plan and only use a small percentage of your total portfolio .
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I do believe we are in a correction on Bitcoin over the next few days . FOMC meeting may stir things up a bit so let's be alert and not alarmed.
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We could see the price drop to the orange accumulation zone then take off again. Despite the bearish sell off, I am still positive for another fast and volatile leg up to the target zone. I am still very bullish on Ethereum, an analysis which you can find on every second YouTube profile. I do believe that adoption rates will increase in the next few months to buy major players.
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Guys. If the price fails to hold @ 53,000, we could see a larger correction to the orange zone 47,000. I'm still bullish on the macro
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Call me crazy and slap me, but I just purchased more BTC at 48200 in the orange zone with limit order. This is not trading advice, it's highly risky, and I do not know your risk profile, what system you are using, and I could be completely wrong. BTC options traders are in for settling around 80,000 by April 30, so we could, that is COULD see a move to the upside. I am seeing much green on the Macro.
