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
The 20-period moving average resides around 43000, and is declining. The Bitcoin price bounced nicely from the region of 40500 that have been serving as support lately. Trend is still bearish, the 8-hour chart could become bullish only with some clean closes above 43000, which would turn the trend of the price action and the 20-period moving average. 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
The current price action on this chart is bearish. We have a bearish price trend, way under the 20-period moving average indicator, which is declining. The price range of 40500 is serving as a support for now. The 1D chart supports the bearish narrative, and in order to flip bullish, it should start printing strong closes above 45000. 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
Nothing has really changed since yesterday. We had some closes under the 20-period moving average, the moving average is slightly increasing, and the price action based on the Predator indicator is cautiously positive. This chart currently is the last hope of the bulls, and the final obstacle for the bears. If you want to go long, you need to see clear price action and closes above 46000. However the price action may easily flip negative, and in case the 20-day moving average starts to decline, bears take the seat. The 3-day Bitcoin chart is my favorite and this is the one usually driving me into sizable positions, if confirmed by the 1-day and the 8-hour charts.
Summary
The current chart situation is favoring the bears. The 8-hour and the 1-day charts are clearly bearish, but I am not taking a short position until confirmation by the 3-day chart. If you like to play short, you should prepare, and closely follow price action in the coming days. If you only do long entries, currently you can take some time out, I do not see an entry opportunity for you now. In summary: I am sitting on my hands and have no positions currently.
Global Bitcoin News
The recent China ban on Bitcoin seems to result in real administrative actions this time. As it is reported, the Great Firewall of China has started to block access to CoinGecko, TradingView and Coinmarketcap, which are sites widely used among cryptocurrency traders.
There is again a turmoil in the United States around the debt ceiling. The issue arises from time to time, and has a shocking effect on global markets. Bitcoin has shown correlation lately with the S&P index, a crisis on global financial markets is expected to have an effect on Bitcoin as well, especially in the short term.
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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.
