Forget The Bears! Clear Long Play On Bitcoin (BTC)
This is the time to start thinking about your long-term core positions.
Watching the break and retest of the accumulation area around $3,840. A break of this trend line, that has shown support for almost a month now, syncs up with our near-term 50% area of the last move down. Don't get stuck watching only low-time-frame charts charts. Always start with high time frames when you draw your support and resistance levels. I use a weekly and daily and work my way down to as low as a 30 minute.
The higher the time frame of a level, the stronger it tends to hold.
I'd prefer to see it play out to the long side so close to the low.
Added quick thought....
2015 Bottom: Jan 15, 2015
2016 Halving: July 10, 2016
Days: 542
2018 Bottom: Dec 7, 2018?
2020 Halving: May 23, 2020?
Days: 534
Less than 10 days apart.
Something to think about!
Watching the break and retest of the accumulation area around $3,840. A break of this trend line, that has shown support for almost a month now, syncs up with our near-term 50% area of the last move down. Don't get stuck watching only low-time-frame charts charts. Always start with high time frames when you draw your support and resistance levels. I use a weekly and daily and work my way down to as low as a 30 minute.
The higher the time frame of a level, the stronger it tends to hold.
I'd prefer to see it play out to the long side so close to the low.
Added quick thought....
2015 Bottom: Jan 15, 2015
2016 Halving: July 10, 2016
Days: 542
2018 Bottom: Dec 7, 2018?
2020 Halving: May 23, 2020?
Days: 534
Less than 10 days apart.
Something to think about!
Comment:
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