I Want To Take You Higher-Boom-shaka-laka-laka
Updated
I want to take you higher
Yeah, let me take you higher
Baby, baby, let me light your fire
Ooo yeah, little bit higher
Boom-shaka-laka-laka
Kool and The Gang-1971
We are in the process of a little bit of a dip, while most were wanting Bitcoin to “take it a little bit higher”. This downdraft will NOT last long at all, maybe 2-4 days, if it doesn’t reverse almost immediately, say within the next 24 hours, if not by today’s close.
So we shot up pretty fast, and we were due for some pullback, and one of the resistance lines was the top Bollinger Band. We hit that nicely and then fell to where we are today. Notice also that the stochastic began to show weakness and turn down and the MACD green line also started to angle down, all indicators of a pullback.
Please make note of the lower Bollinger Band now showing support, and also the 50 day moving average. It would seem to me that the days of the 50 being resistance are over and now we will see it as support with the eventual return of it angling up showing trend has changed for a longer run way past the last all time highs. We will see 16k again soon on the way to those highs.
Bollinger Bands are also narrowing, showing a squeeze is in place for another upside move....soon. It should also be noted that its channel is angling up too.
The TD number countdown, found near the candles, reached 8 to the upside, not 9. When 9 is hit it can signal a longer downdraft, but 8 is pretty strong too. But when you look at them in context using the support lines of Bollinger Bands and 50 day moving average they are not signalling a big move down at all.
The biggest concern I have is the 200 day moving average narrowing with the 50. I would hate to see these cross, but with all other indicators taken into consideration, these look more and more like they will create a sling shot effect to shoot prices higher like a rocket. The crossing of the 200 and 50 can be a head fake and signal much, much higher prices as noobs see the cross and get out. Most noobs will forget other technical analysis and ONLY look at the cross, which will cause a shakeout thus setting up a new bull phase.
Remember that strong trends only happen about 20% of the time. This should give you some peace of mind when thinking “will this go lower and crash?’ No, it will just oscillate back and forth for a minute. Of course that also means it only goes higher strongly 20% of the time too, but the run goes to the bulls this time as we have seen the shakeout low in February.
Patience is Key. If you have capital to spare, buy some more. HODL is the name of the game....buy more BTC and HODL.
Yeah, let me take you higher
Baby, baby, let me light your fire
Ooo yeah, little bit higher
Boom-shaka-laka-laka
Kool and The Gang-1971
We are in the process of a little bit of a dip, while most were wanting Bitcoin to “take it a little bit higher”. This downdraft will NOT last long at all, maybe 2-4 days, if it doesn’t reverse almost immediately, say within the next 24 hours, if not by today’s close.
So we shot up pretty fast, and we were due for some pullback, and one of the resistance lines was the top Bollinger Band. We hit that nicely and then fell to where we are today. Notice also that the stochastic began to show weakness and turn down and the MACD green line also started to angle down, all indicators of a pullback.
Please make note of the lower Bollinger Band now showing support, and also the 50 day moving average. It would seem to me that the days of the 50 being resistance are over and now we will see it as support with the eventual return of it angling up showing trend has changed for a longer run way past the last all time highs. We will see 16k again soon on the way to those highs.
Bollinger Bands are also narrowing, showing a squeeze is in place for another upside move....soon. It should also be noted that its channel is angling up too.
The TD number countdown, found near the candles, reached 8 to the upside, not 9. When 9 is hit it can signal a longer downdraft, but 8 is pretty strong too. But when you look at them in context using the support lines of Bollinger Bands and 50 day moving average they are not signalling a big move down at all.
The biggest concern I have is the 200 day moving average narrowing with the 50. I would hate to see these cross, but with all other indicators taken into consideration, these look more and more like they will create a sling shot effect to shoot prices higher like a rocket. The crossing of the 200 and 50 can be a head fake and signal much, much higher prices as noobs see the cross and get out. Most noobs will forget other technical analysis and ONLY look at the cross, which will cause a shakeout thus setting up a new bull phase.
Remember that strong trends only happen about 20% of the time. This should give you some peace of mind when thinking “will this go lower and crash?’ No, it will just oscillate back and forth for a minute. Of course that also means it only goes higher strongly 20% of the time too, but the run goes to the bulls this time as we have seen the shakeout low in February.
Patience is Key. If you have capital to spare, buy some more. HODL is the name of the game....buy more BTC and HODL.
Note
I should have mentioned that there is strong support via the 50 and BB at around 10k....if we should get to that. But I think we will bounce sooner.
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