My title for BTC/USD is "this week is important"
As you can see at the weekly chart (each candlestick represents 1 week, white candlesticks for the positive weeks and black for the negative ones) there are 2 lines.
The first line is dark blue and the second one is light blue. Since the dark blue line is above the light blue line there is no problem as to the long term picture of BTC.
But, shorter term, we do not want to see BTC price below the light blue line.
In such a case there will be proof that we have entered in a deeper move which will be a correction for BTC and should bring it to 30,000 USD.
At a previous chart I had mentioned that we are having an A-B-C move down for the BTC/USD.
Today the odds are increasing towards a 5 moves down and if it is the case we are at the 3rd leg.
Strategy:
I am a long term investor in BTC and some other Cryptos. So for me any correction is an opportunity.
Of course I never buy when the "knife is falling". I buy when I have proof that the correction is over and a bottom is formed.
But if you are a trader, if you look at the BTC on the short term, please place your stops.
The next days will be very interesting and important and of course the weekly close will give us lots of information.
As you can see at the weekly chart (each candlestick represents 1 week, white candlesticks for the positive weeks and black for the negative ones) there are 2 lines.
The first line is dark blue and the second one is light blue. Since the dark blue line is above the light blue line there is no problem as to the long term picture of BTC.
But, shorter term, we do not want to see BTC price below the light blue line.
In such a case there will be proof that we have entered in a deeper move which will be a correction for BTC and should bring it to 30,000 USD.
At a previous chart I had mentioned that we are having an A-B-C move down for the BTC/USD.
Today the odds are increasing towards a 5 moves down and if it is the case we are at the 3rd leg.
Strategy:
I am a long term investor in BTC and some other Cryptos. So for me any correction is an opportunity.
Of course I never buy when the "knife is falling". I buy when I have proof that the correction is over and a bottom is formed.
But if you are a trader, if you look at the BTC on the short term, please place your stops.
The next days will be very interesting and important and of course the weekly close will give us lots of information.