Since June 6, 
BTCUSDT has been going down below its MA-50, then MA-150, then finally, its MA-200 for the first time since October 2023.
Has Bitcoin reached its bottom? I don't think so.
I consider Bitcoin a trading position, the same as stocks, futures etc., nothing more and nothing less. As a trend-following trader I am looking to enter a trade (long) when there is an evidence of an uptrend. I do not short Bitcoin.
The last time I was stopped out of the trade is on June 19 when Bitcoin closed down below its MA-50 (see the related ideas section for the details) I have been on a side.
While I don't think Bitcoin has reached its bottom for now, I am open to any possible scenario because I follow the trend, not my own predictions.
If Bitcoin will move up its MA-50, 200 I will start looking for a bullish pattern again.
BTCUSDT has been going down below its MA-50, then MA-150, then finally, its MA-200 for the first time since October 2023.Has Bitcoin reached its bottom? I don't think so.
I consider Bitcoin a trading position, the same as stocks, futures etc., nothing more and nothing less. As a trend-following trader I am looking to enter a trade (long) when there is an evidence of an uptrend. I do not short Bitcoin.
The last time I was stopped out of the trade is on June 19 when Bitcoin closed down below its MA-50 (see the related ideas section for the details) I have been on a side.
While I don't think Bitcoin has reached its bottom for now, I am open to any possible scenario because I follow the trend, not my own predictions.
If Bitcoin will move up its MA-50, 200 I will start looking for a bullish pattern again.
Related publications
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.
Related publications
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.