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
Bullish chart, Predator is green, 20-period moving average is rising, and we have constant price closes above the 20MA. All the signs of a long market are here on our short-term time-frame. The price level of 47500 has been established as a support, any possible retest is a great opportunity to stack some sats. Lower supports are at 46000 and 43800.
1-Day Bitcoin Chart
Our 1-day chart has not changed significantly since yesterday. All my measures are bullish, Predator is green, 20-period moving average is ascending and we are still way above the 20MA line. This daily chart indicates an intact bull market, the area of 43800–45000 should be great to buy short-term dips. The area of 53000–54500 is my short-term target to the upside, might be a good strategy for swingers to take some profits there.
3-Day Bitcoin Chart
The 3-day Bitcoin chart looks great for the bulls. We had a dip today that has been caught by the 20-period moving average at 47000 perfectly. The level of the 20MA and the Fibonacci support at 43800–44000 should serve as a nice support area in the following days. The Predator indicator has still not flipped green, but we are above the ascending 20MA. Targets of the upside are 53000 and 65000. Should the price action continue then I expect the Predator to turn green very soon, giving us our final indication of an intact bull market. In my trading, a bull market is there when the 3-day chart meets all my requirements, and is supported by the 1-day and 8-hour charts.
8H and 1D timeframes are bullish, and the 3D is not far from that. Ideal scenario to build a long portfolio. I have bought in today around 47600, but there is still some capital left for further developments. As long as we manage to stay above the 20MA on the 3-day chart, I have no intention to touch the longs, probably some partial profit taking might happen at the 52800–53000 range which is my next target. The Fibonacci supports of 47000 and 44000 would serve to catch some pullback price action and increase the long position. If the price gets through the resistance at 53000, the path to 65000 is rather clean. The clean and solid break of the 43800 level to the south would signal my exit, otherwise I think we are nicely set for an Uptober ride :)
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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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