Forget The Bears! Clear Long Play On Bitcoin (BTC)
Updated
This is the time to start thinking about your long-term core positions.
Watching the break and retest of the accumulation area around $3,840. A break of this trend line, that has shown support for almost a month now, syncs up with our near-term 50% area of the last move down. Don't get stuck watching only low-time-frame charts charts. Always start with high time frames when you draw your support and resistance levels. I use a weekly and daily and work my way down to as low as a 30 minute.
The higher the time frame of a level, the stronger it tends to hold.
I'd prefer to see it play out to the long side so close to the low.
Added quick thought....
2015 Bottom: Jan 15, 2015
2016 Halving: July 10, 2016
Days: 542
2018 Bottom: Dec 7, 2018?
2020 Halving: May 23, 2020?
Days: 534
Less than 10 days apart.
Something to think about!
Watching the break and retest of the accumulation area around $3,840. A break of this trend line, that has shown support for almost a month now, syncs up with our near-term 50% area of the last move down. Don't get stuck watching only low-time-frame charts charts. Always start with high time frames when you draw your support and resistance levels. I use a weekly and daily and work my way down to as low as a 30 minute.
The higher the time frame of a level, the stronger it tends to hold.
I'd prefer to see it play out to the long side so close to the low.
Added quick thought....
2015 Bottom: Jan 15, 2015
2016 Halving: July 10, 2016
Days: 542
2018 Bottom: Dec 7, 2018?
2020 Halving: May 23, 2020?
Days: 534
Less than 10 days apart.
Something to think about!
Note
More of my analysis and thoughts on the crypto space: twitter.com/crypto_dizrupt
Note
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.