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Bitcoin - Don't go outside until it has stopped raining

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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2300 3
Strategy - Wait until BTC is above the 30 and 50 week Simple Moving Averages before making any long term buys. You won't catch the bottom, but you take on less risk. You wont be stuck holding if Bitcoin capitulates. You aren't waiting for demand to catch up to the price. You are protected from Black Swans whilst bitcoin builds/finds the bottom.

$6800 is a key level. The 30 Week MA is very close. Perhaps a break out of 6800 and 30 Week MA then a sell off from the 50 Week MA could happen. If so, look outside and see if the rain has stopped and maybe buy the pullback. Otherwise make some hot Cocoa and wait until BTC is above 50 week MA.

Fib 0.786 on the chart which is a retracement of the entire bull run. Potential capitulation target.

This is not financial advice. It's a picture with squiggly lines and clipart.

Comments

this looks great but to me it looks like the pattern is continuing and will fall off your support line soon
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bitzoo Yellowbone
@Yellowbone, Yes. I think it will fall through. The line is quite steep and projected from a bull market, so doubtful it will continue up!
Reply
bitzoo bitzoo
@bitzoo, oh how wrong you were
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