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 term chart has a positive message for the bulls today. The price is currently attempting to break out from the consolidation zone of the previous week. The Predator indicator is showing this positive flip in the price trend. The 20-period moving average keeps on ascending, and the price has returned above its level following yesterday’s dip.
1-Day Bitcoin Chart
The 1-day chart has remained bullish, no change here since yesterday in the general outlook. Predator is green, 20-period moving average is ascending, price is above the 20MA line. The 53.1k Fibonacci level has been tested as support, and should hold the price nicely in case of further dips. The pending breakout above the consolidation channel of the previous days is clearly visible on this chart, a close above 58k would be useful for the longs.
3-Day Bitcoin Chart
Same here as with the 1-day chart, things have not changed significantly since yesterday. Chart is bullish: Predator is green, 20-period moving average is ascending, price is above the 20-period moving average. Chart is indicating an intact bull market.
Summary
The Bitcoin bull market continues to rage. As our 8-hour chart is indicating, the price is attempting to leave the consolidation zone of the previous days to the north. The fact that there has not been a significant dip after a 40+% bull run shows amazing strength. I am long, and I am looking forward to tackle the all time highs very soon. There are strong rumors on the market concerning possible ETF approvals, this might add fuel for growth, but may also generate “sell the news” effects when officially announced. All in all, we are in for a nice ride to new highs. The Fibonacci level of 53.1k has been established as support, and I expect it to hold in case of dips. The 20MA at 48.7k is the next level of support to the south, bulls do not want to dip under that.
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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.
