The last analysis I did was showing that there were two strong resistance zones above our levels (of the time).
I marked these up around $5700 and $6400. The first resistance zone has now been tested.
Some people think BTC can 'moon' to "new highs" for this year, but this is a time to be cautious and not let FOMO kick in. That has always been my number one rule when it comes to trading, don't ever think your missing out, because that's when you freeze quite literally. This resistance zone has been tested, and I am leaning more towards it making a few more stabs at (or slightly above) the resistance at 5700ish area, but most likely will have a correction. I am not 100% sure of this, but I do know that it will make a correction at some point soon, you can't ignore all the indicators suggesting we are in an overbought market. (Be mindful that indicators like the Jewel and the NVT are suggesting we are soon going to 'plummet').
But on the other hand, I wouldn't be surprised to see BTC to rise above this first resistance. But I cannot see it going past the second one. So if you are stressing out that your missing out on the 'it's going to the moon' notion, don't be. Most likely there will be a correction down towards the 5000 or 4200-4000 support zone, and that is when you can buy in.
If you have been holding BTC since the sub 4000 area and were doing a mid-term trade, I would say that it wouldn't be a bad idea to sell around now ($5580 USD). Please do your own research though, I am not a financial advisor and am not telling you to do anything with your money, this is purely just my opinion.
I still think that BTC has the potential to surprise many, as we have seen previously many times. I don't see myself as a bull or a bear sorta dude. I am a trader, and I trade no matter what the market is doing. But personally I am holding a lot of capital in BTC for the long-term.
Thanks for taking the time to read this, any comments or suggestions would be muchly appreciated.
Have a good day,
Olley.
I marked these up around $5700 and $6400. The first resistance zone has now been tested.
Some people think BTC can 'moon' to "new highs" for this year, but this is a time to be cautious and not let FOMO kick in. That has always been my number one rule when it comes to trading, don't ever think your missing out, because that's when you freeze quite literally. This resistance zone has been tested, and I am leaning more towards it making a few more stabs at (or slightly above) the resistance at 5700ish area, but most likely will have a correction. I am not 100% sure of this, but I do know that it will make a correction at some point soon, you can't ignore all the indicators suggesting we are in an overbought market. (Be mindful that indicators like the Jewel and the NVT are suggesting we are soon going to 'plummet').
But on the other hand, I wouldn't be surprised to see BTC to rise above this first resistance. But I cannot see it going past the second one. So if you are stressing out that your missing out on the 'it's going to the moon' notion, don't be. Most likely there will be a correction down towards the 5000 or 4200-4000 support zone, and that is when you can buy in.
If you have been holding BTC since the sub 4000 area and were doing a mid-term trade, I would say that it wouldn't be a bad idea to sell around now ($5580 USD). Please do your own research though, I am not a financial advisor and am not telling you to do anything with your money, this is purely just my opinion.
I still think that BTC has the potential to surprise many, as we have seen previously many times. I don't see myself as a bull or a bear sorta dude. I am a trader, and I trade no matter what the market is doing. But personally I am holding a lot of capital in BTC for the long-term.
Thanks for taking the time to read this, any comments or suggestions would be muchly appreciated.
Have a good day,
Olley.
The green 55 and purple 200 EMA's are about to create a golden cross. This is a very strong sign to keep BTC for a long position. As long as the price doesn't drop below the 20 day moving average (yellow). This can very well push BTC up higher.