Hi people and alike,
I woke up this morning noticing that the stop loss I placed at 9.5k before going to sleep, worked out fine. Bitcoin has dropped almost a thousand in half a day as per UTC. I'm now waiting to see if my next trade is going to be short or long. Maybe I'm too stoned but I'll wait to see what happens with the price and the whales. and if they want to hold it above the 8.6k or not. Remoras would just have to wait now, if they want to survive. Nickles and dime folks!
Analyzing the 1D chart, the 100-day MA (in blue) is now working as resistance. Yesterday it was the support of the short bull rally. One and one is two, so it's really important that btc closes near that 100-MA today, if bulls want to get out of the big bearish market we're still in. But, why is it so important? Because the 100-MA is coinciding with the .236 Fib Retracement (which goes from the February 6th lowest to the ATH). If the price manages to get back to the 100-MA level today (around 9.1k), would mean that the mini up-trend rally is still alive. Furthermore, it's important that the 10-Day MA (in red) keeps heading upwards and doesn't slop downwards. But if not...
Having said all that, maybe I'm too stoned but I'll keep on learning or trying to.
Peace out.
I woke up this morning noticing that the stop loss I placed at 9.5k before going to sleep, worked out fine. Bitcoin has dropped almost a thousand in half a day as per UTC. I'm now waiting to see if my next trade is going to be short or long. Maybe I'm too stoned but I'll wait to see what happens with the price and the whales. and if they want to hold it above the 8.6k or not. Remoras would just have to wait now, if they want to survive. Nickles and dime folks!
Analyzing the 1D chart, the 100-day MA (in blue) is now working as resistance. Yesterday it was the support of the short bull rally. One and one is two, so it's really important that btc closes near that 100-MA today, if bulls want to get out of the big bearish market we're still in. But, why is it so important? Because the 100-MA is coinciding with the .236 Fib Retracement (which goes from the February 6th lowest to the ATH). If the price manages to get back to the 100-MA level today (around 9.1k), would mean that the mini up-trend rally is still alive. Furthermore, it's important that the 10-Day MA (in red) keeps heading upwards and doesn't slop downwards. But if not...
Having said all that, maybe I'm too stoned but I'll keep on learning or trying to.
Peace out.