Daily Bitcoin Review: Not many sellers in the market
So, The market continues to look strong, great rally with 10 daily green candles, and yesterday's 11th closed as red, a bit of hesitation but still no strong selling.
Bitcoin is clearly trading above previous resistance which is a good sign, but the important thing is to clear 200DMA.
I am not worried too much about the downtrend line as the market can still scam even after breaking the trendline.
As I said yesterday, I am still waiting for the pullback and if we get the pullback towards 0.618 / 0.5 fib I will be the happy buyer.
Having said that I still believe worst if not over yet, the market is equally poised, even in a bear market, the market tends to have these kinds of rallies, have a look at the previous bear market.
Now, we don't know what's next but the market will tell us, look for those clues, for me going above 200DMA and flipping 50K resistance is that clue. Until then I am still gonna play safe and I would suggest you do as well.
As a trader you should never worry about the prices, you only worry about the per cent gain at the end of the year.
I can buy bitcoin at or above 50K and if it goes to 100K or 200K I know I can still make 1X to 2X on this with confidence and with a big position size.
So don't get into FOMO and if you want you can trade short term with a small position but this is not the time to go all in.
Hope this helps.
Happy Trading!
Bitcoin is clearly trading above previous resistance which is a good sign, but the important thing is to clear 200DMA.
I am not worried too much about the downtrend line as the market can still scam even after breaking the trendline.
As I said yesterday, I am still waiting for the pullback and if we get the pullback towards 0.618 / 0.5 fib I will be the happy buyer.
Having said that I still believe worst if not over yet, the market is equally poised, even in a bear market, the market tends to have these kinds of rallies, have a look at the previous bear market.
Now, we don't know what's next but the market will tell us, look for those clues, for me going above 200DMA and flipping 50K resistance is that clue. Until then I am still gonna play safe and I would suggest you do as well.
As a trader you should never worry about the prices, you only worry about the per cent gain at the end of the year.
I can buy bitcoin at or above 50K and if it goes to 100K or 200K I know I can still make 1X to 2X on this with confidence and with a big position size.
So don't get into FOMO and if you want you can trade short term with a small position but this is not the time to go all in.
Hope this helps.
Happy Trading!
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