I can’t resist showing you this chart of Bitcoin .
Why? Because many people are afraid of a decline! Is it right?
Look at this chart and judge yourself. By the way, I respect the opinion of everybody. It is not right or wrong. It is an idea and the number of logic elements make it more or less valid. Feelings about prices tend to be often wrong so that is the reason I like to trade what I see and not what I think.
There is always your stop loss, Stop loss hit, perfect, buy it even lower. But the main trend of Bitoin is up and it will reach much higher prices in the future due to the limited quantity of coins to be mined. (not so with others).
1. This chart shows that Bitcoin is still in a bull market! Although at the bottom of the channel, the bottoms are still rising! A quick look and you see it right away without even thinking.
2 The 200 MA slope is also and pointed upwards! The price is below the MA but price always comes back to the MA. A falling slope of the 200-period MA is very different and indicates a bear market. Not the case here.
If Bitcoin completes the 4 year cycle as it should be (Also read my previous updates on why Bitcoin is interesting with the US printing trillions of dollars) then you get a more complete and clear picture.
The red trajectory is a possible traject but if Bitcoin with a close daily candle below 30000 then that is a clear breakout from the longer term trend channel with possibly 10000 as a goal. But even then Bitcoin remains in a rising trend. This can be seen standing at 15000 by the end of 2021.
This is what the chart shows and what could be possible because it did not happen yet!
Please share your thoughts and idea’s below dear friends. What do you think and why do you think it.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
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