Long

Bitcoin you still alive?

With Bitcoin seemingly silent these past weeks, it's tempting to question its vitality. But as with all things in the crypto domain, there's often more than meets the eye. Let's delve deep

Observations:

Stagnation Period: Bitcoin seems to be in a state of inertia these recent weeks, steering away many who are in pursuit of swift gains.

A Look Back in Time: Zooming out, it becomes crystal clear that Bitcoin is echoing patterns reminiscent of 2016 and 2020 (post COVID-19 phase), precisely before its parabolic ascension.

The Build-Up: It's paramount to understand that for any asset to embark on a parabolic journey, a slow and steady upward consolidation phase is imperative – precisely what we're witnessing now.

NNo Blind Trust: However, this shouldn't be mistaken for an unwavering trust in an imminent bull run. It's our cue to do the homework. Keep a vigilant eye, ensuring Bitcoin stays above pivotal support markers (trend line, 21WEMA, 200DSMA) while concurrently scouting for bounce-back signals.

Short-Term Outlook: Delving a bit into the short-term, Bitcoin seems poised for movement. It's currently testing the trend line and key moving averages, making it a critical juncture to be all ears and eyes. Personally, I've initiated some coin purchases, speculating a continuation in the bullish trend as stocks begin to cool off.

One invaluable lesson from the last two bull runs I've weathered is this: fixating on daily or shorter-term charts can cause you to potentially miss the grandeur of an entire bull run, paralyzed by short-term pullback fears.

My Current Strategy:

Initiating spot purchases of select coins.

Scouring for altcoins at double bottom levels flaunting bullish indicators (e.g., FTM). Also, aiming to enter long positions on these coins at smaller timeframes (1D, 4H) to potentially capitalize on an upward trajectory.

Clearly demarcating those "invalidation" levels on my charts. If breached with closed candles, it will prompt a pivot in my stance to a bearish outlook.

[Disclaimer: The information provided in this blog post is for informational purposes only and should not be considered financial advice. Always conduct your research, consult with professionals, and consider your financial position before making investment decisions.]

RiderAlgo

Regards,

Trend Rider

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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.

RiderAlgo

Regards,

Trend Rider

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