Bullish and poised for Higher for Q2
Updated
Given Taxes are pretty much done, I would say that as long as 40400-40800 support zone holds (possible retest of the Triangle-breakout holds,) we going higher. Anything can happen, so be on guard and careful about "going all-in" if you have a day job. My strategy at this point is to take 1/2 of my desired investment dollars and just buy on dips or reasonable prices and use the other half to rebuild a back-up of stablecoins that will have attached orders much lower than current prices just in case we have a market disrupting event. Still stacking with weekly buys, but more timid purchases as per my long-term DCA strategy. Also investing in a few choice alts as well given the broad rally we've had coming into the end of Q1.
Possible lows I see on deck for the next 24 hours should we have a dip, are the aforementioned support zones for the recent triangle break, where I will have an order or two, in addition to stop-loss buys that are much smaller in case we rip overnight; but a rip at this time is doubtful beyond 42400-42500 where we see evidence of small distribution already occurring in the last 24 hours. Probably overbought, on the RSI which can afford to come down a bit. Weekly close near 42K is also psychologically builish. On the other hand, we did not see a capitulation move, so that's still on the table, hence keeping a bit of spare change on deck just in case.
If we do continue higher from here, I am thankful that I made some very decent buys in the 30s this quarter...
Possible lows I see on deck for the next 24 hours should we have a dip, are the aforementioned support zones for the recent triangle break, where I will have an order or two, in addition to stop-loss buys that are much smaller in case we rip overnight; but a rip at this time is doubtful beyond 42400-42500 where we see evidence of small distribution already occurring in the last 24 hours. Probably overbought, on the RSI which can afford to come down a bit. Weekly close near 42K is also psychologically builish. On the other hand, we did not see a capitulation move, so that's still on the table, hence keeping a bit of spare change on deck just in case.
If we do continue higher from here, I am thankful that I made some very decent buys in the 30s this quarter...
Trade active
17-hours later, sure enough we came down as predicted. I added during the drop on several positions including some Sats. Now what remains to be seen is what the next week brings. New dynamic resistance up above current price with the trendline from the move higher last week. CME futures opening shortly should see a gap, and give a decent possibility of rallying through said resistance. I'd say this is still a buying opportunity, especially if you are a long-term investor. At the same time, keeping some dry powder on hand just in case.Trade active
Another thought. Now is probably the time to start deploying some money into alts, but to be careful about which projects to do this with as downward price action on Bitcoin will likely see a magnified move down on most of the Altcoins.Trade active
Mind the Gap...CME bitcoin futures now open...
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