Bullish on Bitcoin for the minor term
Updated
Reasons why I went long at 6230
* Divergences on the momentum as shown on chart
* 4 downswings from swing high
* High deviation from the 50EMA - prices tend to retrace back providing some relief before the next major swing low
* Bitcoin tends to hold each major swing low twice before cracking - this is shown historically from Feb - April when it held 6K; I am placing a bet that it holds 6K from June - August in the short term
* Target is 68xx
* Risk is 6140
* Divergences on the momentum as shown on chart
* 4 downswings from swing high
* High deviation from the 50EMA - prices tend to retrace back providing some relief before the next major swing low
* Bitcoin tends to hold each major swing low twice before cracking - this is shown historically from Feb - April when it held 6K; I am placing a bet that it holds 6K from June - August in the short term
* Target is 68xx
* Risk is 6140
Note
Typo correction: "This is shown historically from Feb - April when it held 6K" should be "when it held 6.6K
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