As you might have seen in the news today, BTC made a juicy move and is now at ATHS, in unknown territory.
When this happens (entering unknown prices) one just has to be patient and follow the trend.
The trend, as you can perceive easily at any chart, has been bullish since the halving.
The title only allows me to write a few words. The entire title is "Bitcoin: Why I believe $53.5k will be the bottom for the next leg up"...so no, not really the bottom for the entire bull-run that Bitcoin is expected to have this year, sorry.
I was actually supposed to go out tonight with some spicy Belgian señoritas, but whatever. Somehow the plan got fucked...
Marked as long since I'm bullish on a macro scale for EoY.
As you can see, the price just broke below the Gaussian Channel mid-line.
Also, the chart shows a (not so) symmetrical triangle in formation; these things are usually followed by breakouts in the direction of the main trend.
The next movements that Bitcoin will do are bearish.
We can see the price action having place below all support from the indicators.
Personally, I will look for another entry @ $57.2k-$53k; why not accepting a discount when you have one?
As depicted in the chart, this would be a great opportunity for shorting Bitcoin short term, and here's why:
1.- The resistance just rejected the price to the downside.
2.- We're just retesting the yellow trendline that has been pretty much reliable since Dec 2020 (it only broke once).
3.- RSI is making lower lows, while price differs.
The yellow trendline has been mostly respected since the beginning of December 2020.
Blue lines are supports.
Red lines are resistances.
The purple rectangle is a demand zone.
The yellow trendline seems close to breaking, but the price could bounce as well.
Marked as long because I'm bullish long-term.
Sorry I was away for a few days. I'm on vacation and I'm not really used to the TradingView app on the phone; as you can see, our symmetrical triangle structure is just about to break... It's a matter of time for us to make some good money.
This kind of structures (symmetrical) are neutral, which means the movement can be bullish or bearish, so I we will have to...
This idea depicts a bearish channel in downtrend that has been forming lately. I want to let you know that I closed all my trades and am currently keeping cash for a great opportunity. Don't trade if you don't need to, always wait for an entry; please consider that I'm a trader, not a HODLer. Or even if you're a trader, your strategies may differ from mine. I have...
So, in case you were living under a rock, Bitcoin broke to the upside thanks to an Elon Musk tweet about Tesla (TSLA) now accepting Bitcoin as a direct payment to buy a car from the company. They also stated that they would keep the payment in Bitcoin, instead of cashing it out for USD (fiat).
This happened after midnight Feb 24th 2021.