Bitcoin long !! next leg up + 100% ?!
NEW LEG UP STARTED
Many Krypto traders might have noticed the latest drop in BTC which cleared the current market from many weak hands holding the coin. For many this was a very good entry point. However, in this post I want to draw your attention to the fact that the MA 50 on the daily chart was the most significant support since the beginning of the current Bull run starting with October (left chart). When prices fell below the MA 50 this was a shock for many traders (not for HODLERs though) as it might have been the final reversal sign. Luckily the chart perfectly bounced from the MA100 catapulting pries back into the upwards direction. As of yesterday BTC closed above the MA 50 which might be a perfect entrance for the next leg up after this stronger pullback. Even though we had 2 strong increases in the last days RSI looks still very relaxed which further underpins my hypothesis. When comparing this with the 2018 bull cycle you will notice that the prices (when the decline started) also bounced back from the MA 100 but then were not able to get back above the MA 50 which eventually lead to the final collapse (right chart). This time it’s different and I like it !!! This analysis is obviously rather a short term one and is not related to a HODL approach which of course also has some very serious advantages (taxes, less stress etc..).
I opened a speculative long position today hope works well. Happy to hear your views on this Bullish MA sign.
Many Krypto traders might have noticed the latest drop in BTC which cleared the current market from many weak hands holding the coin. For many this was a very good entry point. However, in this post I want to draw your attention to the fact that the MA 50 on the daily chart was the most significant support since the beginning of the current Bull run starting with October (left chart). When prices fell below the MA 50 this was a shock for many traders (not for HODLERs though) as it might have been the final reversal sign. Luckily the chart perfectly bounced from the MA100 catapulting pries back into the upwards direction. As of yesterday BTC closed above the MA 50 which might be a perfect entrance for the next leg up after this stronger pullback. Even though we had 2 strong increases in the last days RSI looks still very relaxed which further underpins my hypothesis. When comparing this with the 2018 bull cycle you will notice that the prices (when the decline started) also bounced back from the MA 100 but then were not able to get back above the MA 50 which eventually lead to the final collapse (right chart). This time it’s different and I like it !!! This analysis is obviously rather a short term one and is not related to a HODL approach which of course also has some very serious advantages (taxes, less stress etc..).
I opened a speculative long position today hope works well. Happy to hear your views on this Bullish MA sign.
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