After some time of hesitation (brutal rejection at the daily 200 Smma in pink, a false breakout), the market produced a false breakout at this extremely important Smma.
Settling above = Bull market, settling below = bear market. Yes i prefer to keep it simple with Bitcoin as an investor.
A golden cross of these 50 and 200 Smma is what i am looking for to be 90% certain a new bull market arises.
I am cautiously on the sidelines but i will add for some long term if Btc gets around these natural Fibonacci levels: 0.618 and 0.786.
I am now in the Buy the dip side for some long term investment purpose, with some proper "bunkerized cold storage" hodling to come.
If Btc does not retrace below the 0.382 and 0.5 levels, i will get a different investment strategy.
I think there is definitely a chance Btc bottomed at the 3200 area, i will therefore act according to this if Bitcoin retraces to some interesting levels.
Of course when the market showed signs of buying exhaustion, some news made the job to ease the selling pressure. This happens all the time in every market, and this is not a coincidence.
With such news i am for this TA using a non Tether exchange.
The sellers does not seem yet to be panicking, the candle is actually not that terrible. Nothing bullish in there, but it is encouraging.
We need some days and why not a week to see how this thing behaves.
It is going to be very interesting.
The weekly candle could end up forming a bearish trend reversal, right after forming a false breakout of the weekly 50 Smma. Interesting.
NB: 3200$ could appear very high for a complete Btc bottom.
I can guarantee that when Btc did hit around the 200$, this seemed very high as well, and buying around this area thinking the bottom was in was extremely ballsy and insane, there was no luck in there.
Bitcoin always looked expensive, and always looks expensive: this is a complete subjective perception of this asset at a specific time where psychology does the rest.
I am pretty certain Btc looked expensive at 7 dollars at the time, i was not in this market but if you ask anyone who was there at the time, he will probably agree with my statement.
Stay tuned, stay safe.
Settling above = Bull market, settling below = bear market. Yes i prefer to keep it simple with Bitcoin as an investor.
A golden cross of these 50 and 200 Smma is what i am looking for to be 90% certain a new bull market arises.
I am cautiously on the sidelines but i will add for some long term if Btc gets around these natural Fibonacci levels: 0.618 and 0.786.
I am now in the Buy the dip side for some long term investment purpose, with some proper "bunkerized cold storage" hodling to come.
If Btc does not retrace below the 0.382 and 0.5 levels, i will get a different investment strategy.
I think there is definitely a chance Btc bottomed at the 3200 area, i will therefore act according to this if Bitcoin retraces to some interesting levels.
Of course when the market showed signs of buying exhaustion, some news made the job to ease the selling pressure. This happens all the time in every market, and this is not a coincidence.
With such news i am for this TA using a non Tether exchange.
The sellers does not seem yet to be panicking, the candle is actually not that terrible. Nothing bullish in there, but it is encouraging.
We need some days and why not a week to see how this thing behaves.
It is going to be very interesting.
NB: 3200$ could appear very high for a complete Btc bottom.
I can guarantee that when Btc did hit around the 200$, this seemed very high as well, and buying around this area thinking the bottom was in was extremely ballsy and insane, there was no luck in there.
Bitcoin always looked expensive, and always looks expensive: this is a complete subjective perception of this asset at a specific time where psychology does the rest.
I am pretty certain Btc looked expensive at 7 dollars at the time, i was not in this market but if you ask anyone who was there at the time, he will probably agree with my statement.
Stay tuned, stay safe.
Comment:
Focused on a bearish pennant at the moment
Comment:
Looks like a reversal is on its way (long)
Comment:
Well, that is a very long long, and sellers are yet still very shy.
Might be a V reversal accumulation with retail fomo in the middle.
Might be a V reversal accumulation with retail fomo in the middle.