A lot of analysis was made about BTC trend. I posted a lot. But, for me, things are clear now. BTC is in an uptrend SINCE february 2019.
I want to refer to my analysis "BTC: consolidating (warning: Death Cross?)" - see related ideas. This was the when I first drew an uptrend line starting in february 2019. In the chart I'm publishing today, this uptrend line is in light blue. Note the aproximations and penetrations of BTC in this line (and the subsequent reactions) - circled in black.
In my point of, what happened?
1. After the bottom in december 2018, BTC started to gain momentum. The February 7, 2019 low marks the beginning of the uptrend. The next day, February 8, BTC gained +7%.
2. March 25, 2019 low formed the uptrend line I'm referring. Next day, March 26, there was another touch the in uptrend. In that day also ocurried the test of EMA 50 as support. Just a few days later, on April 2, 2019, BTC wnet up +18%. This was the beginning of the BTC parabolic move that peaked in June 26, 2019.
3. Since June 26, 2019 BTC started A CORRECTION towards the trend. There were touchs in this uptrend line in november and december of 2019, and january 2020. All the touches were followed by strong reactions (in the same day or in the subsequent days).
One point to note: In may 2019, when BTC was about to reach the 6.5k~6.6k level, some analysts said that that level was "the mother of all resistances". BTC penetrated the 6.5k level as it was paper. Then those same analysts (excellent analysts, by the way) said that BTC should retest that level as support to ensure that BTC was in a healthy uptrend. BTC RETESTED THE 6.5k~6.6k LEVEL AS SUPPORT IN NOVEMBER AND DECEMBER 2019, AND IN JANUARY 2020.
What I'll do now:
a) clean my chart;
b) I bought a small amount of BTC when it reached the 8.7 k level two days ago. The take profit order was closed today when BTC reached the 9k level (see the orange circle). I will start to buy BTC around the 8.5 k level, BUT: I expect a correction of BTC to the 8.3k level (maybe it reaches the 8.1k - it is where the EMA 200 is placed today).
c) Wait for a golden cross - it is about to happen.
d) Wait BTC hit the 12k level. This level marks the boundary of a huge traingle (see related idea: BTC: where is BTC going?)
For those that want to go SHORT: I do not recommend. Things can change rapidly (maybe we are in the beginning of a new parabolic move).
What is the critical level: 6.5k (THAT EXCELLENT ANALYSTS WERE RIGHT ALL THE TIME - BUT THEY FORGOT).
Finally, a end note: an uptrend is defined as higher highs and higher lows, I suggest you to see related idea: "XBT: higher highs, highers lows"
I want to refer to my analysis "BTC: consolidating (warning: Death Cross?)" - see related ideas. This was the when I first drew an uptrend line starting in february 2019. In the chart I'm publishing today, this uptrend line is in light blue. Note the aproximations and penetrations of BTC in this line (and the subsequent reactions) - circled in black.
In my point of, what happened?
1. After the bottom in december 2018, BTC started to gain momentum. The February 7, 2019 low marks the beginning of the uptrend. The next day, February 8, BTC gained +7%.
2. March 25, 2019 low formed the uptrend line I'm referring. Next day, March 26, there was another touch the in uptrend. In that day also ocurried the test of EMA 50 as support. Just a few days later, on April 2, 2019, BTC wnet up +18%. This was the beginning of the BTC parabolic move that peaked in June 26, 2019.
3. Since June 26, 2019 BTC started A CORRECTION towards the trend. There were touchs in this uptrend line in november and december of 2019, and january 2020. All the touches were followed by strong reactions (in the same day or in the subsequent days).
One point to note: In may 2019, when BTC was about to reach the 6.5k~6.6k level, some analysts said that that level was "the mother of all resistances". BTC penetrated the 6.5k level as it was paper. Then those same analysts (excellent analysts, by the way) said that BTC should retest that level as support to ensure that BTC was in a healthy uptrend. BTC RETESTED THE 6.5k~6.6k LEVEL AS SUPPORT IN NOVEMBER AND DECEMBER 2019, AND IN JANUARY 2020.
What I'll do now:
a) clean my chart;
b) I bought a small amount of BTC when it reached the 8.7 k level two days ago. The take profit order was closed today when BTC reached the 9k level (see the orange circle). I will start to buy BTC around the 8.5 k level, BUT: I expect a correction of BTC to the 8.3k level (maybe it reaches the 8.1k - it is where the EMA 200 is placed today).
c) Wait for a golden cross - it is about to happen.
d) Wait BTC hit the 12k level. This level marks the boundary of a huge traingle (see related idea: BTC: where is BTC going?)
For those that want to go SHORT: I do not recommend. Things can change rapidly (maybe we are in the beginning of a new parabolic move).
What is the critical level: 6.5k (THAT EXCELLENT ANALYSTS WERE RIGHT ALL THE TIME - BUT THEY FORGOT).
Finally, a end note: an uptrend is defined as higher highs and higher lows, I suggest you to see related idea: "XBT: higher highs, highers lows"
