I'm keeping this simple: the current Bitcoin price is under the 2 Year Moving Average and the 3 Day RSI is showing oversold. In the past, the combination of both these factors indicated a good buying opportunity for the rest of the cycle. We can't know how much lower bitcoin will go, or how long it will stay at current levels, but I will be buying regularly again.
Trade active:
So far so good, market is letting us buy under 30k. Let's see what the rest of the week brings...
Comment:
BTC price is slowly grinding down but buying under 29k has been good so far. I wouldn't be surprised if we hit mid-low 20s to refill the past wick. Hopefully, such a move would bring volume (panic sellers, stop losses getting hit, buyers to save the day) and mark a cycle bottom.
Comment:
Bitcoin has recently been ranging between 29K and 32K. I don't expect a strong breakout of the range to the upside, especially with the global economy being in its current state.
It will be interesting to see how BTC reacts to SPY movement.
It will be interesting to see how BTC reacts to SPY movement.
Comment:
Previous cycle highs have been tested and provided a great opportunity to buy. With the summer starting I except chop and sideways mostly; hopefully more buying opportunities!
Trade closed: target reached
