So far the cycle is repeating and a extension to 30k would not be too surprising at this point. Last cycle we had 6k as support for a very long time and when it broke capitulation hit shortly after.
This cycle we had 30k as support and when that broke , capitulation hit.
The question is now when will you FOMO in? if price does come back up to 30k and hovers there it is very much possible that Bitcoin enters a bubble and overextend into 4/1 or 8/1 Gann Fan just like last cycle.
I think 30k is the level to watch and when most of retail will step back in.
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Big moment here
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Big moment for the NAS100 aswell a clean break would be a massive signal .
Do not be irresponsible, do not open a long trade right now do not! Since 2010, the number of fakeouts in the cryptomarket is unbelievable! BTC is still evolving below the weekly MA200 and yearly pivot point. The macrotrend has not reversed yet. Do not be an ape!
Callme_Ishmael
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@GreenValleyTrading, whatever.
wargolynch
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@Callme_Ishmael, If you opened a long position on the 9th, 10th or 11th of January, you should close half. If you're opening a long swing position right now, you might be lucky but you'll most likely gain nothing in the short term. The resistance above is no joke. "Whatever", yeah you'll say that when you trigger dozens of stoplosses in a row... Or am I supposed to precise we're talking about trading and you should have accumulated crypto for months now?
fomo_god
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@GreenValleyTrading, you can't assume everything will be a fakeout though. If it is not, it will break that MA200 like butter and it will be fast and the market won't give you time to react. And you'll miss a huge chunk of profits, if you're on short you'll be squeezed very quickly. Good risk management is needed rather than be perfectionist in every trade in order to make money, understand that you'll never get the exact bottoms and tops and you'll eventually be wrong.
wargolynch
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@fomo_god, Am I supposed to precise we're talking about trading and you should have accumulated crypto for months now? "Trading"view. Trading is supposed to produce constant profits at all times, which is why you do not long BTC right now. You need to wait for either a longer consolidation, a retest below or a breakout of the yearly pivot point + weekly MA50 and MA200 area. Inflation has been slowing down for two months only and your flash bullrun betting odds are low. Even in 2019 when the context was easier, it took weeks before running up (e.g. "longer consolidation"). Of course, I am not talking about scalping and daytrading.
Since 2010, the number of fakeouts in the cryptomarket is unbelievable!
BTC is still evolving below the weekly MA200 and yearly pivot point. The macrotrend has not reversed yet.
Do not be an ape!