Bitcoin Trendline break- Long Term Buy Price Targets
Updated
Bitcoin has recently broken another wedge lower trend line. I took some profit in ETH and BTC when BTC was >60k and am now looking for some entries.
My strategy is long term hold, but I do rebalance my crypto against other assets in my portfolio so that has been forcing me to do some selling. I want to be patient and let this break in momentum play out. So I'll be using the following strategy to determine when to add to my long term holds.
I use two types of targets in a lot of my long term trades.
The first is a momentum signal, and I use both a SMA 8-day or the 4hr heiken ashi candle. At the time of writing the 4hr heiken ashi bear trend had not been reversed. If we get this signal, I will add with the thought being that we are seeing the trend reverse, at least in the mid term.
The second type of target is a lower downward target, and these are looking for oversold conditions. For this I use a 135-day SMA, and the lower Bollinger band set at 80-days, 2 standard deviations lower. This gives us the range 36.5k to 42k.
When we get any of the above signals, that's when I am looking to add to my position for long term hold.
What are your entry targets?
My strategy is long term hold, but I do rebalance my crypto against other assets in my portfolio so that has been forcing me to do some selling. I want to be patient and let this break in momentum play out. So I'll be using the following strategy to determine when to add to my long term holds.
I use two types of targets in a lot of my long term trades.
The first is a momentum signal, and I use both a SMA 8-day or the 4hr heiken ashi candle. At the time of writing the 4hr heiken ashi bear trend had not been reversed. If we get this signal, I will add with the thought being that we are seeing the trend reverse, at least in the mid term.
The second type of target is a lower downward target, and these are looking for oversold conditions. For this I use a 135-day SMA, and the lower Bollinger band set at 80-days, 2 standard deviations lower. This gives us the range 36.5k to 42k.
When we get any of the above signals, that's when I am looking to add to my position for long term hold.
What are your entry targets?
Note
Added
Note
4hr trend has been faked out twice and BTC looks like it wants to continue and retest the 50k range.
Note
12 hr time frame still has the bear trend in tact.
Note
Starting to look more and more like a bear flag
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.