Bitcoin Testing 30 Day Moving Average - What Does This Mean?
Bitcoin is currently testing the 30 day moving average. If we're able to close the day above the 30 day moving average line (purple), this should confirm a short uptrend. Usually when Bitcoin is below the 30 day moving average for at least 30 days, and then closes above it, we usually see gains thereafter as shown in the chart.
We still need to close the week outside of the descending triangle to confirm a new longer term uptrend in my opinion. We are currently still inside the descending triangle on the weekly chart.
We still need to close the week outside of the descending triangle to confirm a new longer term uptrend in my opinion. We are currently still inside the descending triangle on the weekly chart.
Comment:
Quick correction - We are outside of the descending triangle on the weekly chart, not inside of it. If we can close this week green, and then close one more week green, that should confirm a longer term uptrend imo.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.