I'd like to provide a long term trading strategy for Bitcoin on the weekly chart for those who aren't particularly interested in day/swing trading.
Using the Trend-Based Fib Time tool, I positioned the points on the first and second pivot after capitulation. Then added the fibs where it was an ideal time to buy. I found these were 2.382 and 3.786. Then placed the same on 2019.
The green area of the MFI indicator also shows Dec 2018 was a good time to buy.
Using a combination of this and the EMA guppy indicator, the chart does seem to indicate that end of June or early July could be an excellent opportunity to buy Bitcoin if it does correct and find support at $6k around the same time as before.
This idea would be invalidated if Bitcoin drops below $5800 and EMA support, as this could indicate a continuation of the bear market.
Using the Trend-Based Fib Time tool, I positioned the points on the first and second pivot after capitulation. Then added the fibs where it was an ideal time to buy. I found these were 2.382 and 3.786. Then placed the same on 2019.
The green area of the MFI indicator also shows Dec 2018 was a good time to buy.
Using a combination of this and the EMA guppy indicator, the chart does seem to indicate that end of June or early July could be an excellent opportunity to buy Bitcoin if it does correct and find support at $6k around the same time as before.
This idea would be invalidated if Bitcoin drops below $5800 and EMA support, as this could indicate a continuation of the bear market.
Comment:
We're almost in July and Bitcoin has potentially started the move down.