This is the pullback I was waiting for. I only needed a few hundred bucks to secure my last whole bitcoin. As of tonight they are off the market and sitting in cold storage. I left a few fractions to play around with, but the majority is gone for quite some time.
Since 2012 whenever these two averages cross we were either in a bull market or a bear market and remained so until they crossed again. NEVER have they crossed and uncrossed momentarily along the way. Either bull or bear, that's it. Also, whenever in a bull market the price of BTC remained above both averages. Likewise in the bear market the price of BTC remained below the two averages.
Right now the price of BTC is above both averages and the two averages a lining up for an eventual bull cross. I'll call it the Platinum cross as the Golden cross gets used all of the time.
Also notice the breakout of the bearish channel and the approaching touch-back of the 250 moving average. This pull back is a good thing, but I think those still expecting a break below 3K or 4K at this point are not going to get it.
Again, NEVER since the beginning of this chart history has the price been above both the 125 and 250 day moving averages and a bear market continued. The ONLY oscillation was right around the cross of the two averages with they were so close together that the price had an opportunity to cross above and below each average. But one the 125 (blue) crossed over the 250 (red) that was it, the new bull market was in full swing and they would never cross again until the start of the next bear market.
We are there now. Not too much longer before they cross over into the next bull market.
As for the capital I had put aside for the next bull run I'm all in. I literally only have two cents left in my cash account balance after tonight. How that happened I don't know. I wanted it all to go into BTC. lol
I may not post much after this. I've exceeded my personal accumulation goals and now all I can do is wait. It may take some time before everyone agrees that the bull market has started but that's OK. I can wait.....
@Kwa Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
BluePipSquad
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What is your take on all the resistance around 6231, 6220 area? By the time you get the crossover you may be buying into resistance...
BitcoinBearSlayer
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@themadinvestor, I've been buying BTC since before these exchanges were ever opened. The only reason I created an account here was to make buying easier. Yes, I've bought and sold for profit over the years but my ultimate goal was accumulation. Now that I've reached my goal I will no longer be too concerned with the daily, weekly, monthly up and down grind. I won't be selling and I've already put in all that I plan to. As far as short term flipping to raise cash, I've already done that to get where I am now and won't be risking my current long position for possible short term profits. I'm playing the long game now. For me that's just sit and wait.....
I'm probably not the guy you want to follow for frequent trade signals for the reasons stated above. I'm done for now. The bulk of my BTC is off the market in cold storage and won't be touched until maybe the peak of this next bull run and even then not all of it. So my activty between now and then may be very limited.
I wish you guys the best of luck no matter how you play the game.
Regards,
BluePipSquad
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@Kwa, Gotcha. No worries and I wasn't trying to criticize your decision... I don't trade a specific asset class. I trade them all so I was just trying to get your opinion on the chart you drew. I like this site because I think it's interesting to have other people challenge your ideas and you can take input from theirs too. I haven't been on here frequently but I am trying to start coming on here more often for that.
BitcoinBearSlayer
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@themadinvestor, Noted. As far as my take on the resistance at 6231/6220? Yeah, we'll probably bounce off it a couple times, but like I said, that is no longer my concern.