Good morning 19k. Yep. We did just break the resistance and are well on our way to a new ATH. Nothing is written in stone yet, but it is so close you can taste it. So what is next? Well Im not clairvoyant so I cant bust out that crystal ball and tell the future. What I can tell you is this is a bull market and I would not bet against the bulls at this time. As I finish my coffee I wonder if 25k is within reach... Anyways lets take a look at the beautiful chart this morning...
Since I started writing we already eclipsed 19k and are sitting at 19200. The bulls are showing up strong and there is strong bullish sentiment among the community as a whole. The 4hr 50 MA is still quite reliable. Simply buying off the bounces would have netted you quite a bit. Over the past few months I have not witnessed an indicator work quite as well as the 4hr 50 MA and its still holding strong. IF (thats a big if at this point) we do lose the support of the 4hr 50 MA I think we may see a tumble. But for now lets enjoy this while it lasts.
The RSI has been reliable as well. You could trade off the bounces here as the RSI has had a habit of bouncing around 45. As a trader I always look for patterns like this that may repeat. This makes your trades more reliable. Nothing lasts forever so you shouldnt expect the bounces to occur forever either. But catching them and playing them while you can is profitable.
I drew a trend line and to me it looks as it 19500 may be the top for this pump. After that I see us moving sideways a bit. Of course I cannot account for fomo on the chart. As people see BTC approach 20k once more there is a lot that can happen. We can hit a massive sell wall as people tend to remember ATH and may have set sells there. Another thing that can occur is breaking 20k. No sweat. FOMO could easily push us into that direction. I got the 19500 from the trend I identified. But there may be some resistance before that. Just keep walking your stop loss up with the candles and you should be okay.
All I can say is WTF??? Bitcoin has been on fire. Blame whatever you like. The halving was around 6 or 7 months ago. We broke 2.5 year old resistance at that time as well. I told the clients in my course last night that 2020 was the perfect storm for Bitcoin. We saw a drop to 3800. Congratulations to those that bought that dip. As we approach 20k the euphoria will be evident. But stick to your plan. Set a stop loss. Dont get cocky. These markets can make or break a trader. I hope you all have a great day. Make good choices folks! WTFDIK though right???
TLDR: Going up?
Since I started writing we already eclipsed 19k and are sitting at 19200. The bulls are showing up strong and there is strong bullish sentiment among the community as a whole. The 4hr 50 MA is still quite reliable. Simply buying off the bounces would have netted you quite a bit. Over the past few months I have not witnessed an indicator work quite as well as the 4hr 50 MA and its still holding strong. IF (thats a big if at this point) we do lose the support of the 4hr 50 MA I think we may see a tumble. But for now lets enjoy this while it lasts.
The RSI has been reliable as well. You could trade off the bounces here as the RSI has had a habit of bouncing around 45. As a trader I always look for patterns like this that may repeat. This makes your trades more reliable. Nothing lasts forever so you shouldnt expect the bounces to occur forever either. But catching them and playing them while you can is profitable.
I drew a trend line and to me it looks as it 19500 may be the top for this pump. After that I see us moving sideways a bit. Of course I cannot account for fomo on the chart. As people see BTC approach 20k once more there is a lot that can happen. We can hit a massive sell wall as people tend to remember ATH and may have set sells there. Another thing that can occur is breaking 20k. No sweat. FOMO could easily push us into that direction. I got the 19500 from the trend I identified. But there may be some resistance before that. Just keep walking your stop loss up with the candles and you should be okay.
All I can say is WTF??? Bitcoin has been on fire. Blame whatever you like. The halving was around 6 or 7 months ago. We broke 2.5 year old resistance at that time as well. I told the clients in my course last night that 2020 was the perfect storm for Bitcoin. We saw a drop to 3800. Congratulations to those that bought that dip. As we approach 20k the euphoria will be evident. But stick to your plan. Set a stop loss. Dont get cocky. These markets can make or break a trader. I hope you all have a great day. Make good choices folks! WTFDIK though right???
TLDR: Going up?