Long the Bitcoin once again
Updated
After a well-timed brief profit-taking exit, I'm personally back long again a few cryptos, including big daddy bitcoin. Higher timeframes remain bullish, pulling back into the upward channel (gray dotted lines) and with a bullish cloud twist on the 4hr ichimoku, there's a good chance this dip is very buyable. One could wait for a breakout on the RSI above the downward trendline before entering. Confirmation will be the orange lagging line clearing above the previous consolidation/flag (white trendlines) which price just re-tested, but has yet to close a week below. It may only be 1-2 pullbacks remain before resistance around 6-7k. Watch for potential resistance between 5100-5330. If we rip through this quickly, expect a pullback to re-test this zone eventually, at least once. I do personally expect we won't see above 8k this year, but it's bitcoin, so who knows. There will be plenty of swift bullish moves over the next few months and I plan to trade in and out regularly.
Trade closed: target reached
Exited 6700. Nice trade, I'll buy again lower ;)
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.