Bitcoin Trendline break- Long Term Buy Price Targets
Bitcoin has recently broken another wedge lower trend line. I took some profit in ETH and BTC when BTC was >60k and am now looking for some entries.
My strategy is long term hold, but I do rebalance my crypto against other assets in my portfolio so that has been forcing me to do some selling. I want to be patient and let this break in momentum play out. So I'll be using the following strategy to determine when to add to my long term holds.
I use two types of targets in a lot of my long term trades.
The first is a momentum signal, and I use both a SMA 8-day or the 4hr heiken ashi candle. At the time of writing the 4hr heiken ashi bear trend had not been reversed. If we get this signal, I will add with the thought being that we are seeing the trend reverse, at least in the mid term.
The second type of target is a lower downward target, and these are looking for oversold conditions. For this I use a 135-day SMA, and the lower Bollinger band set at 80-days, 2 standard deviations lower. This gives us the range $36.5k to $42k.
When we get any of the above signals, that's when I am looking to add to my position for long term hold.
What are your entry targets?
My strategy is long term hold, but I do rebalance my crypto against other assets in my portfolio so that has been forcing me to do some selling. I want to be patient and let this break in momentum play out. So I'll be using the following strategy to determine when to add to my long term holds.
I use two types of targets in a lot of my long term trades.
The first is a momentum signal, and I use both a SMA 8-day or the 4hr heiken ashi candle. At the time of writing the 4hr heiken ashi bear trend had not been reversed. If we get this signal, I will add with the thought being that we are seeing the trend reverse, at least in the mid term.
The second type of target is a lower downward target, and these are looking for oversold conditions. For this I use a 135-day SMA, and the lower Bollinger band set at 80-days, 2 standard deviations lower. This gives us the range $36.5k to $42k.
When we get any of the above signals, that's when I am looking to add to my position for long term hold.
What are your entry targets?
Comment:
4hr trend has been faked out twice and BTC looks like it wants to continue and retest the $50k range.
Comment:
12 hr time frame still has the bear trend in tact.
Comment:
Starting to look more and more like a bear flag
Starting to look more and more like a bear flag
Added