So we were able to take Bitcoin off the ventilator this morning when it fought up to a high of 7900s. This was great news for HODLers all around (those that buy and hold for the long term... even in dire circumstances). But is BTC really out of the woods yet? It's looked more promising in this rally(see yellow circle of corresponding to the yellow circle around the ). This was much increased from the previous false rally(see around February 3rd and post where I diagnosed the false rally:(https://www.tradingview.com/chart/BTCUSDT/YsC7XOrV-In-Bits-and-Pieces-Don-t-Watch-BTC/).
Let's look at the other indicators. The crossed over... so that's good. BTC got above the 50 (orange line)... das good tew. The looks as if its bouncing from the bottom, so Buy?!. But here is where a lot of traders can go wrong. The bouncing off the bottom is usually only a good sign to buy in a BULL market. Although this bounce was a decent sign, check the ... we aren't out of it yet.
In fact, we aren't even completely above the 100 (teal), let alone the big bad thick 200 (blue). So overall, BTC has to break through these two above resistances along with the top of the negative channel. Here's a hint: it won't happen with the decreasing to the level it just did. If the can shoot up again, we may have a chance to break through the 100 , but then what about the next, and the next, and the NEXT...? Get my drift? It will take some serious buying power.
Until then, we should keep BTC in the cryptoland ICU until further buyer support can help her progress. That being said, I will not be buying yet.
Thank you for getting through this lengthy progress note... Be glad it wasn't hand written. As you could probably guess my hand writing sucks...
Love and cuddles,
P.S. Please send BTC flowers and "get well soon" cards <3
Love, flowers, and no more ICU(for now!)