BITCON PIVOTS make a return (Happy Pi Day)
Fred was a seasoned stock investor who had made his fair share of gains and losses in the market. But lately, he had been keeping a close eye on Bitcoin, convinced that the cryptocurrency was headed for higher prices. However, he was cautious about a potential move back to the $19,000 level, which was near the golden zone.
Despite his reservations, Fred couldn't help but feel optimistic about Bitcoin's recent performance. It had held well at the 50% area and was showing significant strength. However, he knew that momentum could stall in the time cycle window that they were entering.
As he monitored the market, Fred couldn't help but feel a sense of excitement and apprehension. He had a hunch that Bitcoin was on the brink of a major breakthrough, but he also knew that the market could be unpredictable.
Indicators are pointing to a move to roughly $27,000-$28,000 but depending on how long that takes, many indicators on higher timeframes will get to overbought status very quickly. The red wave has done a decent job of catching potential downside moves especially when we have gotten a sell signal. The last sell signal on the 4h timeframe on bitcoin was around February 16, 2023 and that resulted in a -20% move. The signs are early and I wouldn't make any harsh moves yet as things look incredibly strong but give it another week and we'll see where things are. Watch the red wave. If we pivot, we'd be creating some bearish divergence and if that plays out, then the green path seems likely to go to that golden zone by the end of May.
DON'T BE AFRAID TO TAKE SOME PROFIT OFF THE TABLE. Nobody survives in this market if you don't know how to manage your risk and take profits when necessary. The market can be generous and the market can be greedy.
Despite his reservations, Fred couldn't help but feel optimistic about Bitcoin's recent performance. It had held well at the 50% area and was showing significant strength. However, he knew that momentum could stall in the time cycle window that they were entering.
As he monitored the market, Fred couldn't help but feel a sense of excitement and apprehension. He had a hunch that Bitcoin was on the brink of a major breakthrough, but he also knew that the market could be unpredictable.
Indicators are pointing to a move to roughly $27,000-$28,000 but depending on how long that takes, many indicators on higher timeframes will get to overbought status very quickly. The red wave has done a decent job of catching potential downside moves especially when we have gotten a sell signal. The last sell signal on the 4h timeframe on bitcoin was around February 16, 2023 and that resulted in a -20% move. The signs are early and I wouldn't make any harsh moves yet as things look incredibly strong but give it another week and we'll see where things are. Watch the red wave. If we pivot, we'd be creating some bearish divergence and if that plays out, then the green path seems likely to go to that golden zone by the end of May.
DON'T BE AFRAID TO TAKE SOME PROFIT OFF THE TABLE. Nobody survives in this market if you don't know how to manage your risk and take profits when necessary. The market can be generous and the market can be greedy.