Long

Bitcoin Is Likely To Bounce And Continue Upward

Updated

Bitcoin is back on our trusty multi-year support from 2019. I expect a bounce off of this either tomorrow or Thursday. This will likely propel us upward to test the underside of our channel. Once we break that to the upside, our target will approach quickly.

Note

Bounce occurred. Now break or drop. What's your bet?

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Drop occurred. We have big support now both on the price chart and on the RSI (black arrows):

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P.S. - I don't believe they'll break. I am 100% BTFD!

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The most unlikely scenario occurred and we are now at the bottom of our channel. If the channel bottom can hold we should remain inside and continue upward soon.

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A touch on the underside of our 200-day SMA has occurred.

I’ve sold all of my profitable trades at this point. One of our trades grossed us 88% in two days. And though I think there will be more of this to come in the future, I am on the fence right now about Bitcoin. From a technical perspective, we have not closed a new high daily candle to reverse our downward trend. So, even though we did close up and inside the channel and we confirmed that yesterday with another candle close inside the channel, to be sure we are going to move further up, we need to beat that previous candle body of 58,200. Because we haven’t done that yet with a close and also due to the fact I will be traveling for the next week, I’ve decided to unload all of my high-risk trades that were in the profit. Should we beat that 58,200 level on our Bitcoin chart below and confirm with another candle open and close above this level, I may jump back in with a trade but it would most likely be a Bitcoin-only trade. All higher-risk altcoin/memecoin trades will likely not be an option until I return to my desk and can monitor price action more closely.

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