BTC, highly bullish . But key levels to watch.
If you focus on the day to day price-action of Bitcoin you do not get a good perspective of where we are in the market. Looking at shorter time frames and reading through all the FUD does nothing more then create fear. To prevent exiting your positions because of short term fear, let's look at the chart and identify key levels for Bitcoin to stay above before i become bearish on Bitcoin. In other words, where would i exit my positions.
The first key level (for me) is the 53k area. If somehow Bitcoin has a daily close below this level it would invalidate a 4 month uptrend. This would be a very bearish sign. At this point on-chain data becomes very important. If the data at this point suggest Bitcoin is still highly accumulated at these prices i would remain in the market and buy even more. If the on-chain data suggest Bitcoin is highly distributed by large entities i would exit my positions.
The second key level (for me) is the 40k area. If Bitcoin has a daily close below 40k it would invalidate the bull market (for me). I can see Bitcoin can move back to 30k relatively easy if that happens.
So, to conclude it all. I am highly bullish on bitcoin. At this moment technical and on-chain indicators suggest Bitcoin is going up from here. So i'm not worried at all and i think we are still halfway this bull market. But.. it's never a bad idea to zoom out and look at the broader perspective. Hope this helped somewhat. Cheers.
The first key level (for me) is the 53k area. If somehow Bitcoin has a daily close below this level it would invalidate a 4 month uptrend. This would be a very bearish sign. At this point on-chain data becomes very important. If the data at this point suggest Bitcoin is still highly accumulated at these prices i would remain in the market and buy even more. If the on-chain data suggest Bitcoin is highly distributed by large entities i would exit my positions.
The second key level (for me) is the 40k area. If Bitcoin has a daily close below 40k it would invalidate the bull market (for me). I can see Bitcoin can move back to 30k relatively easy if that happens.
So, to conclude it all. I am highly bullish on bitcoin. At this moment technical and on-chain indicators suggest Bitcoin is going up from here. So i'm not worried at all and i think we are still halfway this bull market. But.. it's never a bad idea to zoom out and look at the broader perspective. Hope this helped somewhat. Cheers.
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