Here is a look at the weekly Bitcoin chart on Coinbase. I have taken a SWAG at extending the 20 and 40 week moving averages to see where they might cross. I also added the RSI to see about where the bull/bear delineation might be.
I don't dispute the fact that the price is going to move around these averages, but I still maintain that we have made the first step towards the next bull run. $4,100 is about the lowest possible low IMO that would still respect the weekly averages and the bottom break out. Are we going there? Nobody knows and I certainly can't say, but I do believe strongly that our range is between there and where we are today. About a $1K range guessing game. Am I going to sell at $5K in hopes of catching $4K? Nope, because we could just as easily wake up one morning and have jumped from $5K to $6K. Trying to squeeze that last little bit of speculative profit out of Bitcoin right now is just now worth it to me. I'll continue to sit tight on my long position and wait....
I don't dispute the fact that the price is going to move around these averages, but I still maintain that we have made the first step towards the next bull run. $4,100 is about the lowest possible low IMO that would still respect the weekly averages and the bottom break out. Are we going there? Nobody knows and I certainly can't say, but I do believe strongly that our range is between there and where we are today. About a $1K range guessing game. Am I going to sell at $5K in hopes of catching $4K? Nope, because we could just as easily wake up one morning and have jumped from $5K to $6K. Trying to squeeze that last little bit of speculative profit out of Bitcoin right now is just now worth it to me. I'll continue to sit tight on my long position and wait....
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Same chart with the channel turned back on.
