This_Guhy

Battleplan & Quickpost on the Hash Ribbon Signal

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This idea is pretty straight forward. The hash ribbon traditionally have been a great indicator of when to buy, aside from what the hash ribbon means for the network. But the hash ribbon is not a sign to get silly with margin nor is it a signal that the price will not set another low. The Covid 19 dump and the bear market of 2015 show that prices can get significantly lower after an initial pop.

To keep it short and sweet we can see that every time the buy signal flashed BTC was under some chartable resistance on the daily chart . Sometimes after a major smackdown but at other times after a slow burn sell off. Either way that resistance has to be beat before price really gets moving. This is a birds eye view on a quick post, but you can still zoom in and see what I am talking about.

Historically the buy signal is a great accumulation signal. Which is great. I am, however, looking to see where I could put some margin on and I don't want to get churned out in the thrash nor do I want to get eaten up by fees. So I am going to be waiting with some cash on the sides for when BTC finally mounts this last trendline.

Side note: Typical bull market behavior would see BTCUSD find support on the bottom of the daily keltner channel or Bollinger band . This 4 day pull back also looks like a reasonable place for price to find support if price was to remain bullish . Time will tell
Comment: Looks like BTC has cleared the trendline and at the same time confirmed the 200 day SMA as support. This suggest a lot of upside.
https://www.tradingview.com/x/LdOjHh0x//...