bitcoin weekly daily- market correction// DEFENSIVE TRADING
bitcoin is in a corrective neutral state beaing bearish short term but bullish longterm. DEFENSIVE TRADING/ Intelligent investing.
With that said we can look at the chart objectively and come up with a quite simple analysis for what we can expect next.
Overview:
bitcoin has been rejected at the big 200SMA on the daily chart and is finding support of the 55EMA. Downtrend line has been beaten and in order to see a further bearish scenario bitcoin has to be pushed back into that triangle (not depicted). For me this is highly unlikely and I think in a few days we should see buyers come in after a brief consolidation. One thing bulls cannot ignore is that large short candle @ the 200SMA that is crazy selling power.
A. bitcoin stabilizes at the 55EMA and finds continued support here or a bounce off of the 55EMA.
B. bitcoin breaks below the 55EMA and will have to find horizontal support on the way down the first of which will be found right at the bottom of it around 7800.
Short term perspective:
See hourly chart
Long term perspective:
I believe bitcoin is don't with the bear market even though others will tell you differently. I'm not here to trade bitcoin I'm here to find better opportunities for investment, and will be holding for years unless this thing will get really nasty.
Defensive trading/ Long term investing is my position in bitcoin, ALTS are a different story.
With that said we can look at the chart objectively and come up with a quite simple analysis for what we can expect next.
Overview:
bitcoin has been rejected at the big 200SMA on the daily chart and is finding support of the 55EMA. Downtrend line has been beaten and in order to see a further bearish scenario bitcoin has to be pushed back into that triangle (not depicted). For me this is highly unlikely and I think in a few days we should see buyers come in after a brief consolidation. One thing bulls cannot ignore is that large short candle @ the 200SMA that is crazy selling power.
A. bitcoin stabilizes at the 55EMA and finds continued support here or a bounce off of the 55EMA.
B. bitcoin breaks below the 55EMA and will have to find horizontal support on the way down the first of which will be found right at the bottom of it around 7800.
Short term perspective:
See hourly chart
Long term perspective:
I believe bitcoin is don't with the bear market even though others will tell you differently. I'm not here to trade bitcoin I'm here to find better opportunities for investment, and will be holding for years unless this thing will get really nasty.
Defensive trading/ Long term investing is my position in bitcoin, ALTS are a different story.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.