BTC continues to make higher highs and higher lows. I'm bullish and will continue to be so unless we break monthly one-time framing higher (45,000) as well as previous ATH (42,000). If we continue to dip, I would happily start a new position in that area with a stop below.
I'm looking for a large-drawdown to start a new long term position in AMD. Setting stop tight as I wouldn't want to see the stock get too far into the gap.
An update on my current BTC play. I'm taking some risk off the table as I believe we have a higher chance of retracing than breaking out. Keeping a close eye on DXY to see if it bounces.
The 50-day simple moving average has crossed below the 200-day simple moving average causing a death cross. Looking at other death crosses in the past we find that:
For the dot-com bubble, the death cross appeared on 2000-10-30, we ended green for 9 more days.
For the financial crisis, the death cross appeared on 12/21/2007, we ended green for 4 more days....
Even with the looming problems, the market has closed green. Tomorrow is a pivotal moment as we will decide which direction we will continue heading in the short term future.
In the 4-hour chart, I have mapped potential routes depending on which direction the market takes us.
If we close above $256 we will test $265.
If we close below $246 we will test $233
The...
This is my first analysis, feedback is appreciated.
Right now, it looks like the perfect bull trap is forming. We are experiencing bullish signs: the downtrend line has broken three times: Thursday, Friday, and now Today if it closes green. If we cross $264 support, we could test $278. If what we are seeing is a bull trap, the area between $278.92 and $293.32...
