Join me on the journey to a 250k+ Bitcoin price! We will definitely have some good and bad times on this bumpy road, 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
Our short time-frame chart is calling for caution. The consolidation of the previous days has started to show its effect, and our Predator indicator flipped red indicating a bearish trend in the short term. The price needs to break out from the 53k-56k range to became all-out bullish again. The 20-period moving average is currently at 53.7k, bulls do not want to lose that level.
1-Day Bitcoin Chart
The 1-day chart remained bullish. Predator indicator is still green, indicating a bullish price action. The 20-period moving average is ascending, price is way above its value. This chart is showing an intact bull market, the effects of the consolidation have not started to show here.
3-Day Bitcoin Chart
This is our most important time-frame, and this is still bullish. Predator indicator is showing a bullish price action, and the 20-period moving average is ascending with a value way below the current price.
1-week Bitcoin Chart
We have just closed a week, so it is worth to take a look at the weekly chart. All I have is good news here. The Predator indicator has managed to give us a green weekly close, indicating an intact bull market. It is also very important, that we closed above the resistance line coming down since the all-time high of April. The bull market support band is to the south between 43k and 46k.
Summary
Bitcoin seems ready to blow upwards, and challenge the 60k-65k all-time high zone. All of our high level timeframes are indicating an intact bull market, so odds are in favor of positive price action. The pending consolidation has cooled the overbought conditions, enough Bitcoins have changed hands during the previous days to make the 53k-54k zone into a strong support. The fact that we were able to close the weekly chart above the 6-month long descending trendline is a clear breakthrough. I expect the price to challenge the ATH in the coming days. Our support levels are the 53.1k Fibonacci level and the descending resistance line at 50k. Breach of the 43k-46k zone to the south would signal a potential end of the bull market. I am long, go Bitcoin!
Global Bitcoin News
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What is trend trading?
Trend trading is a market strategy that is reasonably different from swing trading or day-trading. A market “trend” is a tendency of a financial market price to move in a particular direction over time. Swing traders and day-traders are usually trying to pinpoint low-term market tops and bottoms, and take aggressive positions expecting to profit from a swift change of market direction. Trend traders are looking for consolidated and strong directions on a given market, and are trying to ride the trend for as long as possible. These traders normally enter in the market after the trend “properly” establishes itself.
What is the indicator coloring my chart candles?
I am using the Predator indicator from Decentrader as my core trading tool, that is coloring my candles green-red-turquoise-orange, and is providing me basic information on the trend. I am also using the 20-period moving average and Fibonacci levels for the identification of supports and resistances.
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Join the discussion!
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Disclaimer
The present article is a free material, for entertainment and educational purposes. Nothing in this post shall be considered as financial advice, you shall never make any financial decisions or financial investments based on a singly source of information and without doing your own research.
