Join me in the journey to a 250k+ Bitcoin price. We will definitely have some good and bad times, but with good alpha we will be able to ride strong trends and avoid sharp losses. Being a trend trader, I am not promising to pinpoint exact highs and lows, but I hope my view will assist you in making your own decisions.
8-Hour Bitcoin Chart
Starting with the 8-hour Bitcoin chart you can see that we are on the direct path to have a nice green close above the 20MA indicator line. Usually such a close is followed by a nice uptrend, but 8-hour is still low timeframe for me to enter a trade. I am a trend trader, and my main focus is on 1D and 3D charts. I am using the 8H chart to lay the bed for further decisions.
1-Day Bitcoin Chart
Taking a look on the 1-day Bitcoin chart we can see that price is still under a descending 20MA indicator line, and the general direction is bearish. Nice to be ready based on the 8H chart, but no time to open a trade yet based on the daily data. The 1-day chart is definitely a strong one, but without confirmation on the 8H and 3D, I do not enter into big positions.
3-Day Bitcoin Chart
The 3-day Bitcoin chart is my favorite and this is the one usually driving me into sizable positions. On the 3-day Bitcoin chart we are under the 20MA indicator line, but the general trend direction did not turn completely bearish yet. This means for me that we are not in a bear market yet, and a close on this chart above the 20MA indicator line could easily sit us back on the moon train.
Summary
As a summary, we can identify a forming local uptrend on the 8-hour chart, but that is not supported yet by the 1-day chart which is still leaning bearish. Based however on the fact that the 3-day long term chart can easily lean positive again, I am optimistic, but in no trading position yet.
