Fxprotrader
Short

Don't Jump In Buying Bitcoin..! It May Just Be a Spike..!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Everybody are waiting that one reason based on their TA or any fundamentals in order to jump in with big buy and catch the upcoming rally perhaps till previous old time highs or even to higher leveks than that.

But first we need to see a change of behavior in the higher times and then try to find that setup to get involved with. This is my daily chart in Bitcoin where based on my median line analysis I see no reason why we should buy the king of cryptos.

Price is making lower lows and lower highs, is being trading below a key resistance structure level, and is keep bouncing at the parallel of the actve slope pitchfork - a downsloping one. Based on all the above we need to see a price zooming above this strong daily resistance and then consider buying Bitcoin . If your issue is that you might miss the rocket, believe you want. Price won't rally in a straight line as it did last year. It will move into impulses and corrections so there will be a ton of opportunities buying BTC or even adding to existing positions.

I will personally sit back and wait for a clear change of behavior and trade short term to the down BTCUSD .

Comments


I think there is a correlation between Total Coin Market Cap and Bicoin Dominance.
Reply
Agree, my lines also working great:
Reply
Complety agree, this upward of movement yesterday was fully manipulated and i'll not be surprised of a suddenly pump and panic
+1 Reply
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