Mid - Term Bear Trend for Bitcoin
Actualizado
During yesterday's sell-off, Bitcoin fell over $10,000 (~30%) hitting support at $30,000. In addition to Bitcoin falling below the 50 and 100 days EMAs on the 12th of May; yesterday's drop means Bitcoin fell below the 100 and 200 days EMA as well. The RSI shows a downwards trend of lower highs and lower lows and it is likely this will continue for some time. These factors would suggest at least for the midterm time horizon it is likely that prices will continue to fall back to the strong support we see at the $28,000 - $32,000 levels (a good level to re-enter the market).
Although Bitcoin's price has recovered to the $40,000 - $42,000 level I believe this range should be considered resistance now to sell at. In my opinion, we would require Bitcoin to rise above $55,000, break the downwards RSI trend and at least move above the 100 and 200 EMA lines to be considered bullish again on the mid-term time horizon. Once/if these conditions are met in particular breaking the RSI trend and the 100/200 EMA line, we probably have a good shot of hitting new ATH around $80,000 by the end of the year. Overall, if you a long-term accumulator of Bitcoin these movements in Bitcoin shouldn't be too concerning as I don't believe these recent movements will form into a long term bear trend but still likely of interest for mid-term traders.
Disclaimer: Cryptocurrency trading/investing involves substantial risk of financial loss. The information provided here is simply a fun log to share my personal ideas and opinions. You should not make any decision, financial, investment, trading or otherwise, based on any of the information here. Anyone wishing to invest should seek his or her own independent financial or professional advice. Do not invest money you are not willing to lose.
Although Bitcoin's price has recovered to the $40,000 - $42,000 level I believe this range should be considered resistance now to sell at. In my opinion, we would require Bitcoin to rise above $55,000, break the downwards RSI trend and at least move above the 100 and 200 EMA lines to be considered bullish again on the mid-term time horizon. Once/if these conditions are met in particular breaking the RSI trend and the 100/200 EMA line, we probably have a good shot of hitting new ATH around $80,000 by the end of the year. Overall, if you a long-term accumulator of Bitcoin these movements in Bitcoin shouldn't be too concerning as I don't believe these recent movements will form into a long term bear trend but still likely of interest for mid-term traders.
Disclaimer: Cryptocurrency trading/investing involves substantial risk of financial loss. The information provided here is simply a fun log to share my personal ideas and opinions. You should not make any decision, financial, investment, trading or otherwise, based on any of the information here. Anyone wishing to invest should seek his or her own independent financial or professional advice. Do not invest money you are not willing to lose.
Comentarios
Bitcoin continues to trade below the 20,50,100 and 200 EMA lines. The entire cryptocurrency market appears to be very bearish at this time, especially with Bitcoin struggling to break through the 40K resistance. The 35K is proving to decent support, however, if this breaks down it’s likely we will see a steep drop into the low to mid 20K area.Comentarios
Today's movement shows the continuation of the mid-term bear trend. If I have learnt anything from my 2017 trades, it is blood in the water, and sharks will be on the hunt grabbing Bitcoin from scared small fish following the crowds. As Warren Buffett says, "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful".We see the 35K resistance has broken and the 32K resistance being tested. As initially stated, this 28 - 32K are strong re-entry to point to buy back positions into BTC. However, I do believe we will see steep drops into the mid 20K region soon.
Historically the pullbacks from bull cycles have never fallen below previous all-time highs - in today's market, that would suggest Bitcoin is unlikely to fall below 20K; if we do, that will be a new territory for everyone to reevaluate. Personally, I am watching to the levels 32K, 28.5K and 25K to re-buy BTC. Good luck.
Operación activa
32K re-entry point hit last night.Operación activa
Last night my 28.5K re-entry point hit although the price has moved back to the previous resistance of 32K this morning I do expect further pull back into the mid 20K for a sustained period of time.
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