Bitcoin still under pressure and should be watched!
I'm just expressing my observations from the market, as I have focused to buy back all my account value in to BTC and ETH soon, and wait back to moon :D
So I think loud here (also on my twitter account) to see ohters' feedbacks and comments. I may change your opinion and you may change mine! but non of our talks and discussions mean as advise and prediction, it's just studying the probabilities each of us see.
Crypto vs Stocks time span
I'm looking forward buying BTC for a long term holding. By longterm, I mean more than 6 months and less than a year, which is long term for crypto, I assume. in stock market I call it short to midterm.
So I need to focus on weekly chart rather than daily charts to find trends and trusted bottoms and choose the entry point in Daily chart. this has been my strategy since beginning.
in the weekly chart we have this right now:
here we have a repeated pattern: every week with a small gain, has continued by a drop from 3 to 7 times bigger than itself. There are very few (one or two) opposite samples, comparing to 7 right samples I have marked in the image.
The 200 Weekly Moving Average
Now combine this with the popular and important 200 WMA in the chart. if the next week starts with a drop, at least 3 times bigger than current week's gain, BTC will test the $3300 level which will be the 200WMA
I can see below probabilities:
- higher probability
BTC tests the level, may even see $3000 psychological support level but will close near the main support, slightly below or higher than 200 WMA - medium probability
It will test the 200 WMA as a support level but bounces back and continues the sideways - lower probability
it will continue rising, in a stronger or same strength
I guess this is great time to invest but with patience. as the market is little low and will make more profit when it will hit high, and hopefully soon!
exactly 👍
that's right
we are in a side market maybe until OCT
And according to the chart
Inside the support zone
We have to wait and see when the market wakes up
that's right. the 200wma also confirms that. it will take more than few weeks from now. maybe next quarter would be more juicy
The analysis is very helpful. Thanks for this post.
thanks my friend
This is scary :( how long are we going to wait? I wish we'll recover soon.
it will be fine 😉 keep calm and make a portfolio
You have to wait, have a lot of patience.
Good information. As someone has already commented, it is about having patience. Also, we must do our homework.
exactly 👌
i still wating the pump
Thinking/investing on long term is the only way, nothing will change this year
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with all respect, I have to disagree.
whether this year is all sideways or even downtrend, I don't recommend anyone to buy and hold forever.
if you are a trader, you should have certain entry and exit strategy and levels.
I'm buying some BTC, not that much though its hard to predict
enter at good levels. 3300$ for example. don't rush in to the market
BTC is in a sideway consolidation mode currently.
at the time you posted your comment you were right, but now it's testing $3400 and I believe it's heading toward 3300 (200wma) and then $3000
As a Stock Market investor and a crypto holder, I cam assure you the stock market is a much more reliable way to make capital gains. That is almost unarguable, but I would be lyingg if I said cryptos don’t have the potential ti sky rocket again in the upcoming 5-10 years as technology advances. I personally expect the cryptos to at least double from where they are now by the end of the year, which is something the stock market could never do.
i hold stocks mainly, so I maight better say I do agree but there is still that ambition in hoping crypto replacing forex not stock market in future