Bitcoin buyers. Now!
Updated
In my last post I recommended to wait. Now, I am recommending a buy.
Technically, this sell off is perfect and exactly what I had been hoping for. We hit the $3800 price point I had hoped for and we are right back in sync with our 50MA and smack dab in the middle of my bull channel. In other words, Bitcoin is back exactly where it should be and the consolidation here represents health NOT sickness as many of the doomsdayers would like to suggest.
Could we go lower? Yes. We can go all the way to the bottom of my bull channel (BOTTOM BLACK ASCENDING TL - currently $3500) and I will still be extremely bullish. However, I am not going to bet we'll get there. Rather, my recommendation is to buy anything in between $3500-$3800 for a nice LONGER TERM SWING TRADE. Here's my case for buying:
- Good support on RSI (I see us potentially bouncing here)
- 50 MA support
- Bottom of Bollinger Band
- All the gloom and doomers are talking about China, Jamie Dimon, and the end of crypto. This is great for buyers. We know this is not the end but in fact, it has just begun.
Again. Can we go lower? Of course!
Your stop outs would be anything below the BOTTOM ASCENDING BLACK TL. I've set mine for $3450.
BOTTOM LINE: This is longer term SWING TRADE advice only. Buy here. Buy now. But for gosh sakes put in your stops as suggested so you don't get burned.
Happy Trading all.
Technically, this sell off is perfect and exactly what I had been hoping for. We hit the $3800 price point I had hoped for and we are right back in sync with our 50MA and smack dab in the middle of my bull channel. In other words, Bitcoin is back exactly where it should be and the consolidation here represents health NOT sickness as many of the doomsdayers would like to suggest.
Could we go lower? Yes. We can go all the way to the bottom of my bull channel (BOTTOM BLACK ASCENDING TL - currently $3500) and I will still be extremely bullish. However, I am not going to bet we'll get there. Rather, my recommendation is to buy anything in between $3500-$3800 for a nice LONGER TERM SWING TRADE. Here's my case for buying:
- Good support on RSI (I see us potentially bouncing here)
- 50 MA support
- Bottom of Bollinger Band
- All the gloom and doomers are talking about China, Jamie Dimon, and the end of crypto. This is great for buyers. We know this is not the end but in fact, it has just begun.
Again. Can we go lower? Of course!
Your stop outs would be anything below the BOTTOM ASCENDING BLACK TL. I've set mine for $3450.
BOTTOM LINE: This is longer term SWING TRADE advice only. Buy here. Buy now. But for gosh sakes put in your stops as suggested so you don't get burned.
Happy Trading all.
Trade closed: stop reached
Stopped out at $3450. But we are still in our Bullish uptrend channel. I will reevaluate after the next candle opens on the daily.
Stewdamus Trades -
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Crypto predictions, targets, how-tos, and much, much more!
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