We are experiencing a pullback greater than 40% from the recent highs. This is not a typical bitcoin pull back, and we need to resolve this sooner than later to have a healthy continuation on the up-trend. Here is a very simple chart of what the situation is at the given moment, Since we dropped the short term moving averages and dove right under the 200MA we are now going to be in a bearish posture until we confidently re-mount the 200MA.
I would not be jumping the gun to buy back in, you can purchase at a further pullback between 6,800-7800 and the buy target zones are indicated on my chart. Once we remount the 200MA we should be able to regain the up-wards momentum. We have done an excellent move for 2019 - more then many people have imagined. But it does not look good for new all time highs by the end of of this year, I would say that we will be hitting ATH closer to the halving (yellow line) of next year.
This is not trading advice.
Best regards,
I would not be jumping the gun to buy back in, you can purchase at a further pullback between 6,800-7800 and the buy target zones are indicated on my chart. Once we remount the 200MA we should be able to regain the up-wards momentum. We have done an excellent move for 2019 - more then many people have imagined. But it does not look good for new all time highs by the end of of this year, I would say that we will be hitting ATH closer to the halving (yellow line) of next year.
This is not trading advice.
Best regards,