I am not long yet, but when I am, it will be all or nothing.
We have been very slowly and excruciatingly grinding downwards which to me indicates the strength of bulls waiting to push out the negative sentiment. It looks like we will have one last break down to $3k range at which point sellers will be exhausted and there will be no resistance left in the way of the bullish strength.
Coming in to this double bottom we will be:
1) hitting the weekly 200 ema, which we bounced off last time
2) nice weekly/daily RSI & MACD Bullish divergence
3) On top of previous strong support
Buy: $3,000 - $3,200
Sell: $3,800-$4.000 (re-evaluate)
We have been very slowly and excruciatingly grinding downwards which to me indicates the strength of bulls waiting to push out the negative sentiment. It looks like we will have one last break down to $3k range at which point sellers will be exhausted and there will be no resistance left in the way of the bullish strength.
Coming in to this double bottom we will be:
1) hitting the weekly 200 ema, which we bounced off last time
2) nice weekly/daily RSI & MACD Bullish divergence
3) On top of previous strong support
Buy: $3,000 - $3,200
Sell: $3,800-$4.000 (re-evaluate)
Note
Weekly 200 ema on bitcoin, with S&p 500 beside it to show the trending strength of 200 moving averages (since we don't have past btc history to use for proof)Note
Missed the boat?Not to fear, its coming around for a second pass.
Buy: $3480-$3520
Trade closed: target reached
Closed @ 4k target, waiting for pullback to 3500 range
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.