Break, hook, and go!!
Updated
Currently, I have been hedged in all my positions since we went below 35k and expect to go long here very soon!
If btc would have gone straight down to the 21 week ema then it would have been over 55% correction when it was priced at 40k. This is why time based corrections are so important. 2 things need to happen in order for this trend to remain bullish... 1) such a sharp retracement of 55+% would be uncharacteristic not be all that great actually. and 2, the 21 week EMA needs to be met. If the 21 week EMA does not get met this rally starts to look like 2019 all over again, complete obnoxious and unsustainable. . . But the only thing that fueled the 2019 rally was a series of short squeezes. This rally really seems genuine as we see more institutional interest enter the market and more money flows in. Given time, the 21 week ema catches up to the price and would be best if BTC continued to correct for 1-3 more weeks in this range. I would expect large volume and the price would not stick around below 26k for very long. A slow retrce and a quick gobble up at 24-26k would be dreamy. The moment we get anywhere close to this 21 week EMA I will get back in my long positions with an obvious SL under it. We may wick below the 21 week EMA, But I will just re-enter my positions the moment we bounce back above. As you can see in the chart, it's also nice to see a clear breakout trade with a volume supported retest/rejection, and measured move targets exactly to the 21 week ema as well. Always nice to see confluence. You can bet with high probability and low risk that this algo target will be met and it would bonce.
I am not a financial advisor this is not financial advice.
If btc would have gone straight down to the 21 week ema then it would have been over 55% correction when it was priced at 40k. This is why time based corrections are so important. 2 things need to happen in order for this trend to remain bullish... 1) such a sharp retracement of 55+% would be uncharacteristic not be all that great actually. and 2, the 21 week EMA needs to be met. If the 21 week EMA does not get met this rally starts to look like 2019 all over again, complete obnoxious and unsustainable. . . But the only thing that fueled the 2019 rally was a series of short squeezes. This rally really seems genuine as we see more institutional interest enter the market and more money flows in. Given time, the 21 week ema catches up to the price and would be best if BTC continued to correct for 1-3 more weeks in this range. I would expect large volume and the price would not stick around below 26k for very long. A slow retrce and a quick gobble up at 24-26k would be dreamy. The moment we get anywhere close to this 21 week EMA I will get back in my long positions with an obvious SL under it. We may wick below the 21 week EMA, But I will just re-enter my positions the moment we bounce back above. As you can see in the chart, it's also nice to see a clear breakout trade with a volume supported retest/rejection, and measured move targets exactly to the 21 week ema as well. Always nice to see confluence. You can bet with high probability and low risk that this algo target will be met and it would bonce.
I am not a financial advisor this is not financial advice.
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