That is the end of the dump for Bitcoin. Next target @ $11,600
That was it folks. Thanks for playing.
After that incredible pump from $7,400 to $10,600, we were guaranteed a nice big pullback to enter for the next leg up. As it happens, Bitcoin has just wicked down to the candle-body highs of the previous range, along with the 0.618 confluence of the bullish move from the $7400 lows.
I have increased my long position from this move today as I see it a premium buying opportunity, and the last significant low we will see for a while. If we dip below $8450 I will begin to pay serious attention to PA as it develops. Today's candle has already wicked back up near the 200DEMA and nearly reclaimed it as support.
If we do fail to reclaim the 200DEMA, I think we may be in a lot of trouble. Price has shown strong rejection from the 200DEMA both as a support and resistance level. To close on the other side would be very bleak for future bullish narratives.
As if to mock me, Bitcoins price has just moved down further away from the damn 200DEMA. Typical.
Target for this trade is at $11,600 area to take a bit off, before re-entering on the pullback for the move to 20k, finally.
Then the ATH's will come fast.
Keep it simple. Buy low, and sell way fucking high.
After that incredible pump from $7,400 to $10,600, we were guaranteed a nice big pullback to enter for the next leg up. As it happens, Bitcoin has just wicked down to the candle-body highs of the previous range, along with the 0.618 confluence of the bullish move from the $7400 lows.
I have increased my long position from this move today as I see it a premium buying opportunity, and the last significant low we will see for a while. If we dip below $8450 I will begin to pay serious attention to PA as it develops. Today's candle has already wicked back up near the 200DEMA and nearly reclaimed it as support.
If we do fail to reclaim the 200DEMA, I think we may be in a lot of trouble. Price has shown strong rejection from the 200DEMA both as a support and resistance level. To close on the other side would be very bleak for future bullish narratives.
As if to mock me, Bitcoins price has just moved down further away from the damn 200DEMA. Typical.
Target for this trade is at $11,600 area to take a bit off, before re-entering on the pullback for the move to 20k, finally.
Then the ATH's will come fast.
Keep it simple. Buy low, and sell way fucking high.
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.