![]() ![]() As long as it stays above that level, we remain bullish on the long term outlook of Bitcoin (BTC). People that can already see what is going to come are already preparing for it and they call themselves preppers.īitcoin (BTC) is trading above the 200 Day MA and it is yet to break and/or close below it. A lot of things are going on in the US and when all of it blows us, we will see smaller economies suffer as well. Regardless of that, it will have to react to the upcoming crisis. Whether or not cryptocurrencies in general and Bitcoin (BTC) in particular will behave as a safe haven asset is another debate. It has all got to happen now, in the months ahead not years. If you look at the state of the global economy, we do not have that kind of time. As for traders, it is best to wait to see which way the price breaks out before entering a position.Ī lot of people seem to think the cryptocurrency market will go through the same four year cycle as before and it will take another three years or more before the price can reach a new all-time high. This would be the best time for a long time investor to start buying. In addition to that, we have the price resting atop the 21 Day EMA which means it also has a strong support to protect against a sharp move to the downside. Think about it, the price is now at the extreme end of the falling edge and all it would take is one sharp move to break above it. However, they do not want to bring it to your attention while they are shopping. Make no mistake, this is too big to go unnoticed and a lot of people are watching this play out. There is giant falling wedge forming on the daily chart for BTC/USD right now and yet it is very surprising that nobody is talking about it. They are so focused on smaller time frames that they lose sight of the big picture. ![]() Around the end of a bear market when the bearish sentiment is at its peak, investors tend to ignore bigger patterns and instead they focus on smaller time frames to predict bigger outcomes. This kind of behavior is not confined to the bull market where we see investors deliberately ignore the parabolic rise. That's when I go to my dear friend Tether, whose life is limited haha.When a market is pushed to an extreme, investors begin to allow sentiment to influence their decision making more than cold hard facts and numbers. But only when Bitcoin has a healthy correction and not a fast and harsh one, then everyone takes a loss. They are somewhat inversely correlated, as we have been seeing. If you can manage to trade on the highs and lows of Bitcoin for the respective lows and highs of altcoins you will be VERY profitable. When I am bullish on Bitcoin, then why would I not want more Bitcoin? So when you trade in Satoshi, you are just betting that your coin outpaces the growth of Bitcoin's. Right now I am covering this in Satoshi because I am bullish on Bitcoin. We have two forms of resistance, showing at the top of the channel and the 55 3hr EMA. RSI is showing 3 points of bullish divergence. Currently its ticking upwards so it is in our favor. We have a VERY strong support, and have been showing strong resistance to go below it, shown in our candle sticks.Ĭurrently the 3 hour MACD is showing in our favor but needs to make a decision soon because of its symmetrical triangle. You guys know I have to update every 10 minutes. There is a good chance to gain A LOT and also LOSE a decent amount. HOWEVER, there is always the chance that this thing goes south and double bottoms, then that we be a good re-entry. ![]() ![]() I made sure I hurried up and got in before it takes off. And we are seeing support at the bottom line of the wedge. If the market wasn't so overbought, I would turn this into a long-term position.ĥ minute charts show this to be oversold. Target is just the top of the wedge of the start of the wedge, however there is a chance that this goes higher, so you may want to ride it out. Bullish runs give me the feeling this is going up, as long as Bitcoin continues either sideways or up. If you notice, the RSI and MACD have been consolidating for a while and are ready for a breakout. I just noticed this descending wedge pattern forming and I think this thing is ready for takeoff. Anytime we've seen Vertcoin sub $8.00 it's been easy money. ![]()
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