Hello Folks,
Its been some time since I posted a chart. The last downtrend chart and the short term bounce charts served well. I am have been more actively trading (buying all the blood) and am currently in no positions. I am holding spot though.
On the daily we have a clear reversal A&E as clear as it could possibly be. However are we in a bull trend yet? No. The simplest reason being we are still below the 200MA which is a strong indicator that tells us the bull trend has not started yet. For the life of bitcoin it has not been below 200MA during bull runs -- last one was somewhere late 2016, when we crossed above the 200MA and never looked back.
For bitcoin to be bullish, that needs to happen again. Currently this is at the 9800 level. The 9200-9400 level we are on right now is also very strong resistance. A break up here signifies a move to targets shown, with also a top shown. For this to happen it has to pump quickly before the two moving averages start converging.
If we see a break of 200MA and consolidation above it, which keeps us above it, we will see a bull run to new ATHs. If we see a break of 200MA and a subsequent blow off top (which is what I think will happen) then this will signify another period of bear run.
If you bought the blood, I recommend you take some profits along the way.
Its been some time since I posted a chart. The last downtrend chart and the short term bounce charts served well. I am have been more actively trading (buying all the blood) and am currently in no positions. I am holding spot though.
On the daily we have a clear reversal A&E as clear as it could possibly be. However are we in a bull trend yet? No. The simplest reason being we are still below the 200MA which is a strong indicator that tells us the bull trend has not started yet. For the life of bitcoin it has not been below 200MA during bull runs -- last one was somewhere late 2016, when we crossed above the 200MA and never looked back.
For bitcoin to be bullish, that needs to happen again. Currently this is at the 9800 level. The 9200-9400 level we are on right now is also very strong resistance. A break up here signifies a move to targets shown, with also a top shown. For this to happen it has to pump quickly before the two moving averages start converging.
If we see a break of 200MA and consolidation above it, which keeps us above it, we will see a bull run to new ATHs. If we see a break of 200MA and a subsequent blow off top (which is what I think will happen) then this will signify another period of bear run.
If you bought the blood, I recommend you take some profits along the way.
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Posting the chart screenshot again since TV decided to mess up my chart
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expect break up to 10k now.
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hit 9800 and got rejected hard. 200MA was too much. Here are some possibilities and probabilities. If we don't test 11.3 and keep dumping, we are much bearish than I initially thought.
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its going for option A. Weekly at decision point.
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18 hour golden cross.
Trade closed: target reached:
Time to go long.