I would be very cautious right now. Everybody is calling for $14k, saying this is a bull market but that only happens if this triangle breaks above 8300.
The safest thing to do is to take a position in bitcoin with a stop loss immediately underneath the support line.
We are currently testing the 200 MA on the 30 minute chart, and it is beginning to prove resistant. Compare this with the pump from 7000 to 8200 only a few days ago, where bitcoin blasted through the 200 MA like it was nothing. I would say this is a subtle sign that bullishness is beginning to trade off for bearishness.
If price falls underneath the 200 MA on the 2 hour chart, that would be a clear indication to sell.
The safest thing to do is to take a position in bitcoin with a stop loss immediately underneath the support line.
We are currently testing the 200 MA on the 30 minute chart, and it is beginning to prove resistant. Compare this with the pump from 7000 to 8200 only a few days ago, where bitcoin blasted through the 200 MA like it was nothing. I would say this is a subtle sign that bullishness is beginning to trade off for bearishness.
If price falls underneath the 200 MA on the 2 hour chart, that would be a clear indication to sell.