BTC - Price should hover above $50k if market is still bullish
BTC price has moved in the opposite direction that I expected in the last post. I felt like I am unsynced with the market recently and unable to anticipate the market direction. Hence, currently, I focus more on real-life stuff and on building a trading algo to exclude the emotional factor. Then BTC price "unexpectedly" plummeted from 58k to ~51k, similarly to the price action in this time course last month. Some pros said BTC price is currently manipulated since the expiry date for BTC quarterly option contract is approaching (on March 26). Honestly, this is beyond my knowledge and I am not trying to dive into this failure of the free market. Anyway, BTC still looks good from a technical viewpoint:
1. Bounced back ~61.8% after pumping from 43k (market cool-down).
2. Sitting at a moderate support zone which was pointed out earlier.
3. Staying above 43k and still hovering above 50k (this doesn't mean that BTC would turn bearish if the price falls below 50k.I think it would actually a god-tier buy if the price approaches the vicinity of 43k AND BOUNCE back really QUICK above 50k. In case BTC lingers between $43-49k for some time, we should be extremely cautious).
4. Tesla's Hodl strategy and more BTC outflows from exchanges (this is not technical analysis, but it is supply-demand principle: less supply on exchanges =...).
Bot recommended sell yesterday since it is built on a conservative strategy and I think if BTC pumps again the bot's buy zone would be above the red zone. I will stick with this strategy for now and laying some additional bids around $45-46k with stop-loss below 43k. Either way, when BTC breaks out of this range (above 61.8k or below 43k), it's gonna move fast. Right now, I don't really want to stare at the screen and trade this choppy price.
Cheers!
1. Bounced back ~61.8% after pumping from 43k (market cool-down).
2. Sitting at a moderate support zone which was pointed out earlier.
3. Staying above 43k and still hovering above 50k (this doesn't mean that BTC would turn bearish if the price falls below 50k.I think it would actually a god-tier buy if the price approaches the vicinity of 43k AND BOUNCE back really QUICK above 50k. In case BTC lingers between $43-49k for some time, we should be extremely cautious).
4. Tesla's Hodl strategy and more BTC outflows from exchanges (this is not technical analysis, but it is supply-demand principle: less supply on exchanges =...).
Bot recommended sell yesterday since it is built on a conservative strategy and I think if BTC pumps again the bot's buy zone would be above the red zone. I will stick with this strategy for now and laying some additional bids around $45-46k with stop-loss below 43k. Either way, when BTC breaks out of this range (above 61.8k or below 43k), it's gonna move fast. Right now, I don't really want to stare at the screen and trade this choppy price.
Cheers!
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