Now that we have a local higher high, I'm feeling bullish on Bitcoin. However, I know better than to FOMO in. There a couple things that indicate we may not be out of the woods yet. Zoom in closely to the areas I have circled in red and pay attention to the GREY 4 hour 10 MA represented on the weekly chart. I outlined 2 of them with blue triangles to highlight them. Noticed the lower local high on the MA in comparison to the price action. This is a fast moving MA so shouldn't take much for it to reverse. If it reverses from the 9k range that is surely a bullish sign. However, if it plays out the same as it has within the past year, we may see some downside maybe around 7 or 8k. It should become clear within a week or two. Looking at the overall weekly history of bitcoin, we are very bullish at this level if we can maintain it. That's the hard part.
If this post gets 10 likes I will update with my BTC long entry. Thanks!
If this post gets 10 likes I will update with my BTC long entry. Thanks!
Comment:
A little easier to see here
Trade active:
Took a long position via my 1UP formula @9630. Should be good for a long trade if we can hold above the 9400-9500 area.
Disclaimer: I am not a financial advisor and this is not financial advice. For entertainment purposes only.
Disclaimer: I am not a financial advisor and this is not financial advice. For entertainment purposes only.
Trade active:
I'm in profit so I'm hedging short on my long for now, due to declining strength and lower highs. Not sure if it will be a good idea, but I'm in profit, so sitting in usd profit, hoping for better entry, in order to manage risk. I closed my trade 9764. For more updates on my next long re-entry, feel free to my join my discord! It's free and I'm mostly talking to myself in there lol.
discord.gg/xfrrJkY
discord.gg/xfrrJkY
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Caught that wick down to 9742, but missed it on another exchange for average re-entry of 9792. GO BULLS!!
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New updated posted
