Our view remains bullish with key zones of interest at 10k and 12k. Fundamentals still indicate a bullish trend, and below are some key changes since the last update:
- (Slight bearish) On-chain volume level did decrease to the level which started this bull run. If the on-chain volume doesn’t recovery soon, caution is needed.
- (Bullish) We’ve seen bullish confirmations from both the selling pressure indicator and the margin market long/short squeeze indicator.
- (Bullish) Both hash rate and difficulty are recovering, indicating a coming end of miner capitulation.
- (Key risk) If China experiences another COVID19 outbreak, we might see a repeat of March in smaller degree. So far, BTC has not proven itself to be decorrelated with stock market actions. We are keeping an eye on the current Beijing COVID19 status. Hopefully, the situation could be controlled.
Simple profitable rules that most know but few follow through:
1. The trend is your friend
2. When in bull: buy the dips
3. When in bear: sell the peaks
4. Assume the current trend persists until proven otherwise
Elliot wave counts we are keeping in mind:
What’s your view? Do you agree or disagree? All thoughts and critics are welcomed!
- (Slight bearish) On-chain volume level did decrease to the level which started this bull run. If the on-chain volume doesn’t recovery soon, caution is needed.
- (Bullish) We’ve seen bullish confirmations from both the selling pressure indicator and the margin market long/short squeeze indicator.
- (Bullish) Both hash rate and difficulty are recovering, indicating a coming end of miner capitulation.
- (Key risk) If China experiences another COVID19 outbreak, we might see a repeat of March in smaller degree. So far, BTC has not proven itself to be decorrelated with stock market actions. We are keeping an eye on the current Beijing COVID19 status. Hopefully, the situation could be controlled.
Simple profitable rules that most know but few follow through:
1. The trend is your friend
2. When in bull: buy the dips
3. When in bear: sell the peaks
4. Assume the current trend persists until proven otherwise
Elliot wave counts we are keeping in mind:
What’s your view? Do you agree or disagree? All thoughts and critics are welcomed!
Comment:
View updated to the following:
Comment:
Another drop in BTC likely in the short-term. We are still bullish for the long-term and accumulating whenever we can. Check out the details below:
Comment:
BTC is so far moving as planned. Currently, it's at a critical moment. The 2D RSI needs to move above its MAs for a continued BTC bull trend.
Comment:
BTC remains in a bullish trend and we are currently at a level of great risk-reward setup.
See the update below from both fundamental and the technical perspectives.
See the update below from both fundamental and the technical perspectives.
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