Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
BULLS STRIKE BACK - BITCOIN PRICE HOLD THE LINE
I wasnt expecting such response from the market and what I mean by that is that I though there would be more sideways movement before retesting the 20EMA probably like a U formation where price moves very slow with little volume to then start forming an ascending triangle or some other bullish patter that would put Bitcoin at the current level, yesterday HIGHs was $55,114 according to Bitstamp.
BTC 1Hr Chart
The BUY THE DRIP theory is pure gamble unless you have an idea of how the market may react to certain levels of price action, this is what I have been learning for the past two years and its not easy out all but waiting for confirmation is what makes the plan to work most of the time, there is still that factor that you can be bias, so what works for me is never want the price to do something, dont be a bear or a bull, dont want or expect the price to go in your favor and for yesterday did play out very well, had four orders waiting to be fill but only one hit my $51,300
Buy orders
$51,300
$49,800
$48,500
$47,500
Im not on that level in trading where I have a fix amount of profits Im looking for lets say on a monthly bases but every trade that I plan and works out it feels like its a 100% profit for me, today I step out at after 25.15% profit on my low leverage trade with exit at $53,880 , if only all my trades were like this one.
What I want to show on this 1hr chart is the divergence that I notice and this usually comes out when an asset has drop so much that in the short term it bottoms out and bounce, in the case of Bitcoin the bounce was very nice taking it over a key level indicator the 20EMA on the 1D.
BTC 1D Chart
The daily chart for Bitcoin looks very promising, as long as it remains over that red box with $50k as the bottom, right now the histogram is getting out of negative momentum but its not positive until we se some green bars at least two of them but also the white triangle needs to be broken so essentially Bitcoin needs to start closing candles over $57k to say ok we are out of the woods.
Possible Scenarios:
Super Bullish: Bitcoin brakes above $57k, start closing candles over that area and in the short term shoot up for a new all time high
Bullish: Bitcoin stays above $54k moving sideways probably until mid April to then move up and look for a new all time high
Bearish: Bitcoin keeps dropping until braking $45k a key level support and at this point the 20EMA and 50EMA on the 1D would cross and form what the market calls a dead cross.
Right now my trade did work out although Im not certain that the market will stay the same, crypto markets done move that much during weekends but its very possible that we see a continuation of this pump if there is a lot of interest or even best case price doesnt drop dramatically.
BTC 1D Chart
As shown on the previous chart I still believe that we can see the same price action as we saw on Feb and potentially move to new all time high close to $70k, I still remain that this bull market has another leg up but it wont last until 2022, next phase could be euphoria and the price can go up very fast to then come down the same way
DXY 1W Chart
Yesterday I talk about the DXY, how the dollar can become stronger and be a thread for the crypto market as the dollar goes up all other more risky assets like crypto tend to go down, so far it still looks very bullish, it doesnt move as fast as crypto so dont expect massive moves every day and this is just a theory I have seen other apply in the past that Im testing.
I remain bullish on crypto in the short term meaning the cycle until the structure of the price doesnt change, meaning until Bitcoin doesnt do any savage drops that can turn around indicators in higher time frames starting with the 1D to 1W
BTC 1W Chart
Consider that on the 1W chart Bitcoin is about to close its second red candle, nothing we have not seen on this bull run before and thats why I think that another leg up to $70k is possible but the moment the price close below $50k on a week I think thats when it becomes a serious damage to the price structure reason why I didnt want to see Bitcoin brake that level, so far that week seems ok, lets see how it close during the weekend, still almost 2 days for the week to close.
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Yes, still in no man's land here. The downward channel tends to break to the upside but when is the question. With the continued entry of more and more corporate entities and even now a pension fund, I think there's too much money coming in for this to break down too far. I don't know when the next push is coming but, I agree with you, there's still a big one left in this cycle.
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