Zooming out to overall history on Bistamp, you'll see that BTC has always hit the 200ma on the weekly (Red Line) and this time it's no different. BTC currently bouncing off the 50ma (Blue Line) around $29k but can I see it do a dead cat bounce here to around $35-40k with 12ma (Purple Line) rejection.
If you track the 200ma on BTC weekly you'll see that the previous 200ma touches occurred at $250 in 2015, $3,100ish in 2018 and march 2020. There's a lot of positive fundamentals for BTC in bigger picture but to me 200ma has to occur in this cycle before we start to see another uptrend pass $60k again. Therefore BTC currently in its temporary bear trend.
Weekly RSI still working it's way down from all time highs. The name of the game is to be patient and let the price come to you. Currently holding a stack of crypto I sold into USDC in May on blockfi to farm the 7% annual yield. Waiting for that $20k range to start buying back with USDC stack again. I wouldn't try leveraging unless you're ready to trade in and out of it quick. It's too easy to get liquidated on smaller pumps and dumps on BTC , so it's too hard to leverage way up or down.
Looking back at these weekly candles.. it will probably take 28 to 36 candles before we get to 200ma. So we're looking at February to April range to start accumulation.
On flip side, wouldn't hurt to dollar cost average in at this price too knowing we will eventually have $100k+ target. HODLing is probably the best option overall since we're eventually going wayyy higher. For me I prefer not to hold through like in 2017 into 2019. It was a very painful time back then and I prefer not to sit through the same thing that's happened multiple times in history.
Will be fun to check back then to see if this really plays out.
If you track the 200ma on BTC weekly you'll see that the previous 200ma touches occurred at $250 in 2015, $3,100ish in 2018 and march 2020. There's a lot of positive fundamentals for BTC in bigger picture but to me 200ma has to occur in this cycle before we start to see another uptrend pass $60k again. Therefore BTC currently in its temporary bear trend.
Weekly RSI still working it's way down from all time highs. The name of the game is to be patient and let the price come to you. Currently holding a stack of crypto I sold into USDC in May on blockfi to farm the 7% annual yield. Waiting for that $20k range to start buying back with USDC stack again. I wouldn't try leveraging unless you're ready to trade in and out of it quick. It's too easy to get liquidated on smaller pumps and dumps on BTC , so it's too hard to leverage way up or down.
Looking back at these weekly candles.. it will probably take 28 to 36 candles before we get to 200ma. So we're looking at February to April range to start accumulation.
On flip side, wouldn't hurt to dollar cost average in at this price too knowing we will eventually have $100k+ target. HODLing is probably the best option overall since we're eventually going wayyy higher. For me I prefer not to hold through like in 2017 into 2019. It was a very painful time back then and I prefer not to sit through the same thing that's happened multiple times in history.
Will be fun to check back then to see if this really plays out.
Maybe I should do more updates. Glad to have added and hodl'd through recent bottom. Looking forward to a continued bull run in 2024-2025.