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
Not much change from yesterday on our short-timeframe chart. Consolidation is still pending above the 53k Fibonacci resistance. The 20-period moving average is ascending, and the price is above the indicator line. Predator indicator is still orange, signaling caution for the bulls. My main focus is on 1D and 3D charts, but I am using the 8H chart to lay the bed for further decisions.
1-Day Bitcoin Chart
The daily chart looks great if you are long. Predator indicator is green, price is way above the 20-period moving average, and the moving average is nicely ascending. Not much to say here, chart is bullish.
3-Day Bitcoin Chart
Our main timeframe is also looking great. Predator has just printed a new green close, and is consistently indicating a bull trend. Bull market is also grounded by the fact that the ascending 20-period moving average is way down to the south. This is an intact bull trend chart.
Summary
Situation has not changed since yesterday’s analysis. The 3-day and the 1-day charts are clearly bullish, but the 8-hour chart starts to show the slowing of the bulls. Predator has flipped orange on the 8-hour, signaling that the bull trend is slowing in the short timeframe. I still find the consolidation very healthy, indicators like the RSI are able blow off some steam, and the bulls can gather power for the next run. In fact I find it pretty amazing that the price has not pulled back stronger. This shows a clear strength of the market. The Fibonacci line of 53k is a clear support now, but anything above 55k gets sold in a short due. We are channeling in the 53k-55k zone currently Under the Fibonacci line there is our demand zone of 51k-53k which I think could absorb a downward move. Bulls need a strong move above 55k, and then the zone of 60k-65k will be in play. We are in an intact bull market ladies and gentlemen, and we have decent hopes to tackle the ATH zone very soon.
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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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.
