So, The market continues to look strong, great rally with 10 daily green candles, and yesterday's 11th closed as red, a bit of hesitation but still no strong selling.
Bitcoin is clearly trading above previous resistance which is a good sign, but the important thing is to clear 200DMA.
I am not worried too much about the downtrend line as the market can still scam even after breaking the trendline.
As I said yesterday, I am still waiting for the pullback and if we get the pullback towards 0.618 / 0.5 fib I will be the happy buyer.
Having said that I still believe worst if not over yet, the market is equally poised, even in a bear market, the market tends to have these kinds of rallies, have a look at the previous bear market.
Now, we don't know what's next but the market will tell us, look for those clues, for me going above 200DMA and flipping $50K resistance is that clue. Until then I am still gonna play safe and I would suggest you do as well.
As a trader you should never worry about the prices, you only worry about the per cent gain at the end of the year.
I can buy bitcoin at or above $50K and if it goes to 100K or 200K I know I can still make 1X to 2X on this with confidence and with a big position size.
So don't get into FOMO and if you want you can trade short term with a small position but this is not the time to go all in.
Hope this helps.
Happy Trading!
Bitcoin is clearly trading above previous resistance which is a good sign, but the important thing is to clear 200DMA.
I am not worried too much about the downtrend line as the market can still scam even after breaking the trendline.
As I said yesterday, I am still waiting for the pullback and if we get the pullback towards 0.618 / 0.5 fib I will be the happy buyer.
Having said that I still believe worst if not over yet, the market is equally poised, even in a bear market, the market tends to have these kinds of rallies, have a look at the previous bear market.
Now, we don't know what's next but the market will tell us, look for those clues, for me going above 200DMA and flipping $50K resistance is that clue. Until then I am still gonna play safe and I would suggest you do as well.
As a trader you should never worry about the prices, you only worry about the per cent gain at the end of the year.
I can buy bitcoin at or above $50K and if it goes to 100K or 200K I know I can still make 1X to 2X on this with confidence and with a big position size.
So don't get into FOMO and if you want you can trade short term with a small position but this is not the time to go all in.
Hope this helps.
Happy Trading!
