I detailed in my previous posts that the bottom was in. Shortly after the post, we witnessed a huge short squeeze pushing bitcoin back up to the 8k levels. I prefer trading bitcoin by focusing on the larger macro trends, rather than short term moves. It helps me filter out the noise, especially since bitcoin historically does respect macro trends and patterns. There are two important things that I would like to note.
1. EMA 200 (4hour chart): Bitcoin has historically shown to be highly sensitive to the EMA 200. When price breaches below this level, it falls sharply, when it breaks up from the EMA 200, it almost always signals a bull run. Right now, as you can see the EMA 200 is providing great support for Bitcoin.
2.Beyond this level, the long term support line that I have been marking on my charts, has held up nicely as support throughout this year. I dont see why these levels will fail to hold. Currently we are seeing an accumulation this week, market by the purple channel that I have drawn.
I expect the EMA 200 to hold and a move towards new highs in this quarter. I personally started accumulating at the 6k levels for a long term position, but current prices are also looking attractive to me for long term holdings.
If you would like me to post more, please follow me here and on twitter and leave comments. I appreciate constructive criticism and my goal is to start an informative dialogue going on my posts, which benefits me and the viewers.
1. EMA 200 (4hour chart): Bitcoin has historically shown to be highly sensitive to the EMA 200. When price breaches below this level, it falls sharply, when it breaks up from the EMA 200, it almost always signals a bull run. Right now, as you can see the EMA 200 is providing great support for Bitcoin.
2.Beyond this level, the long term support line that I have been marking on my charts, has held up nicely as support throughout this year. I dont see why these levels will fail to hold. Currently we are seeing an accumulation this week, market by the purple channel that I have drawn.
I expect the EMA 200 to hold and a move towards new highs in this quarter. I personally started accumulating at the 6k levels for a long term position, but current prices are also looking attractive to me for long term holdings.
If you would like me to post more, please follow me here and on twitter and leave comments. I appreciate constructive criticism and my goal is to start an informative dialogue going on my posts, which benefits me and the viewers.
Bình luận:
My first target to watch is at 9300 levels.
Bình luận:
Called it!
