This chart should be pretty simple to understand. We've broken free of the sideways channel, if we close above it today, strong chance we don't go back under it in a meaningful way for a while.
The bull run was never really over from my perspective, but this may be the end of the shakeout period, or nearing it. In general, I want to see a weekly close above the green line (around 46k) that's drawn from the ATH in the next week or 2, which at this rate wont be hard. That would put us above the MA 200 (purple line), and that tends to be a very strong position for btc.
This is not the worst time to long, but be very careful , because we could do a large retrace at any moment still. once we get above the bull trend line, things will be much safer. A good time to buy spot for sure.
This is not a good time to open a short, unless you're an expert at catching tiny profits from fast retracements. That's a fools errand imo, switch to bull or be left behind.
Its also a nice time to dump some of your alts into btc, as btc.d goes up, many of your alts will start to lag. If you have patience it's no big deal though. Just my opinion. I use alts to get more btc to dump on cycle peaks, so it has that strategic bias to it.
The bull run was never really over from my perspective, but this may be the end of the shakeout period, or nearing it. In general, I want to see a weekly close above the green line (around 46k) that's drawn from the ATH in the next week or 2, which at this rate wont be hard. That would put us above the MA 200 (purple line), and that tends to be a very strong position for btc.
This is not the worst time to long, but be very careful , because we could do a large retrace at any moment still. once we get above the bull trend line, things will be much safer. A good time to buy spot for sure.
This is not a good time to open a short, unless you're an expert at catching tiny profits from fast retracements. That's a fools errand imo, switch to bull or be left behind.
Its also a nice time to dump some of your alts into btc, as btc.d goes up, many of your alts will start to lag. If you have patience it's no big deal though. Just my opinion. I use alts to get more btc to dump on cycle peaks, so it has that strategic bias to it.
Comment:
Well, there's that large retrace. It will be time to long soon. Let it play out. Still bullish above ~33k. Volatility is what we have to deal with here in this market, and it had to cool off some time.
Comment:
If you plan on making a spot buy now is fine for a small buy. Please don't do leverage until this flag pops and the market decides up or down. This is a critical moment for the near term.