BITCOIN | What To Do? Small Hint!

Hi,

I get a lot of requests about Bitcoin. What am I thinking about it and etc?
So I thought to make a quick and simple analysis for mid-, long-term investors. Do you should wait for a bit or jump in right away?

Let's count some pros and cons.

PROS
1.
Despite the fact that the price of BTC has slumped 50% from the top we still have long-term higher lows (HL) and higher highs (HH), quite great yes. Here is also a perfect example of how the 50% drop from the ATH will work in the world of crypto. Almost by the pip, it retraces from my often mentioned criterion. It is quite a strong criterion for short-term traders.

2.
To remove the market noise I would like to recommend line charts. All the crazy wicks and blablabla...will disappear and you will see pure price action. If we use a line chart then we can see that there is quite an important area around 40k. A lot has happened there. We have seen sales - if the price reaches there, we have seen buying power if it falls back inside the marked area. So, definitely, a strong area, and currently the price of Bitcoin has managed to push over it. Got a Daily candle close and the strong area should work as support from now on.

3.
It's not a "pros" but still wanted to show where might be the next strong area and it is again around the round number of $50000.

4.
A couple of days ago we saw a break above the counter trendline. The bigger trend is upwards. As I said, we still have higher lows (HL) and higher highs(HH). After the ATH the price has drifted downwards and it has created a downwards trendline. The bigger trend is up, the smaller trend is down = booom counter, and boooom the price has managed to push above it, as it did with the strong area 40k. It is a really great sign that the push above has occurred with a strong and powerful candle. It shows that the trendline was strong and it needed a strong buying power to push through it.

Looks great yes? Still, you should be cautious because we have a bit early to say what gonna happen next because "cons" are also quite important.


CONS

1.
Yes, we have a lot of great breakouts but still short-, mid-term we haven't seen a new HH. To great another good sign into the "cons-list" the price needs to great short-term higher high. This will happen after we have seen a Daily candle close above $45k. It is quite important because atm we have still a mid-term downtrend (despite the fact that we have seen a trendline breakout) without any new higher highs or higher lows. When I see new HH, then I will start to look for short-, mid-, long-term entries after I have seen some throwbacks. Atm, I am still waiting for it.

2.
...and the trendline. The trendline since 2020 has been broken and it may work as a strong resistance. So, If the price manages to push back in the range (back above the trendline) Then we have short-term HH and basically these "cons" disappear and become pros.

3. All the important EMA's are above the current price - for me 50, 100, and 200.


Summary: Mid-, long-term investors should wait for a Daily candle close above $45000, and then we have a lot of great signs that the price might see an upside momentum. In the current craze situation, you just have to wait for this best possible scenario.

As said, quick and easy analysis. Hopefully, you found something to support your own analysis. Thank you for your attention and have a nice day.

Regards,
Vaido