long term wedge+ moving averages
Updated
Reasons I'm long on Bitcoin:
on the daily chart below we can see a big wedge formed from last ATH until now.
also price is moving ranged between two important 200 & 300 weekly moving averages
<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>
those signs tells us price is moving near to a very big and important support level
between 19K and 17K. I'm not saying price can not go below 17K it may move a fast shake out
downward below 17K but recover too fast again.
also we can see the volume has been increased in last 6 weeks by the time price went sideways.
on the other hand price is at the verge of long term wedge trying to close above it on daily candle
and in shorter time frame we have another wedge forming ( look at dotted line) price is trying
to cross above it.
as mentioned we still can see another drop even if the price close above the wedges... however
can not go deep much (my idea). so the best strategy is taking long position and set up Dollar cost averages
or proper stop loss for your positions.
Enjoy the market
#WOMAN. LIFE. FREEDOM
on the daily chart below we can see a big wedge formed from last ATH until now.
also price is moving ranged between two important 200 & 300 weekly moving averages
<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>
those signs tells us price is moving near to a very big and important support level
between 19K and 17K. I'm not saying price can not go below 17K it may move a fast shake out
downward below 17K but recover too fast again.
also we can see the volume has been increased in last 6 weeks by the time price went sideways.
on the other hand price is at the verge of long term wedge trying to close above it on daily candle
and in shorter time frame we have another wedge forming ( look at dotted line) price is trying
to cross above it.
as mentioned we still can see another drop even if the price close above the wedges... however
can not go deep much (my idea). so the best strategy is taking long position and set up Dollar cost averages
or proper stop loss for your positions.
Enjoy the market
#WOMAN. LIFE. FREEDOM
Trade active
as mentioned we have very strong support level around 17700$ because of weekly 300MA. it doesn't mean price can not break it however in my view even if it breaks downward could recover fast.
so breaking the dynamic resistant level upward first before another retracement to test the weekly 300MA or drop to the area between 17700 and 16000$ we have chance to go up afterwards.
but the short term still is sideways tending to potential bearish movement.
Trade active
finally broke the wedge upside. we can expect more upward pressure coming based on the last chart I shared here
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