BTC: How We Can Trade Bitcoin - Buy The Dip!
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Here, I would like to dissect the bullish perspective. In my previous post, I did a complete rundown of a bearish scenario, but here, I would like to present a bullish case. Here is the previous analysis on my bearish case:
Fundamentals/Technicals:
1. We can see that even after the Bitmex news and Trump testing positive for COVID-19, we can see a mixed balance of positive and negative investor psychology mindset. The markets were rather neutral, including those of equities and stock market indices. This is fantastic news for Bitcoin, because it just shows how much strength is actually within Bitcoin's price action. This can be due to the overall buy-ins from institutional and regular investors starting to believe that we may never see anything below $10,000. Although this is far stretched of a fundamental analysis, but many actually do believe this! Many technical analysts say otherwise, especially that we still have the CME Gap to fill (yes, CME meme boys, we here you!)
2. Keep it simple - there is now a rising BULLISH ascending triangle that is very prominent for more upside.
3. We have broken and re-tested the 618 fib level. This is huge, especially with two uneventful news that Bitcoin could've dropped a lot harder - especially that it's known for it's volatility.
4. In the case it does drop, we have a demand zone and buy the dip zone - RSI Bullish divergence on the 4H is showing more to be a higher probability!
Trade Safe.
X Force
Here, I would like to dissect the bullish perspective. In my previous post, I did a complete rundown of a bearish scenario, but here, I would like to present a bullish case. Here is the previous analysis on my bearish case:
Fundamentals/Technicals:
1. We can see that even after the Bitmex news and Trump testing positive for COVID-19, we can see a mixed balance of positive and negative investor psychology mindset. The markets were rather neutral, including those of equities and stock market indices. This is fantastic news for Bitcoin, because it just shows how much strength is actually within Bitcoin's price action. This can be due to the overall buy-ins from institutional and regular investors starting to believe that we may never see anything below $10,000. Although this is far stretched of a fundamental analysis, but many actually do believe this! Many technical analysts say otherwise, especially that we still have the CME Gap to fill (yes, CME meme boys, we here you!)
2. Keep it simple - there is now a rising BULLISH ascending triangle that is very prominent for more upside.
3. We have broken and re-tested the 618 fib level. This is huge, especially with two uneventful news that Bitcoin could've dropped a lot harder - especially that it's known for it's volatility.
4. In the case it does drop, we have a demand zone and buy the dip zone - RSI Bullish divergence on the 4H is showing more to be a higher probability!
Trade Safe.
X Force
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