Daily Candles: Bitcoin buy points

in bitcoin •  8 months ago

The bottom of the cloud seems to have acted as resistance which was expected, now it's time to look for some good entries.

$11,000

$11k is the 100D MA which, while not perfectly, seemed to have acted as support in the big fall last week. I will be buying a 20% position around here. (current position is 10% long).

$9,500

This is near the bottom of the local low and could be a good spot to buy in anticipation of a double bottom. 40% buy.

$8,000

This is around the current long term trend line. There are quite a lot predicting here as the bottom so it may be purrent to front load the buy point. 90% buy for a 160% position.

Why no short

My current medium term fundamental position is for bitcoin to rally again this year. One reason can be seen in this post. So I am happy to long when I think it will go up and go flat when I think it my fall.

Thanks for reading.

KevinBacon





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100MA worked actually very well as a support, since all daily candles CLOSED above. Anyway very good post. Shorting can be profitable, but one of the most important rule in trading is that you do not go against the trend.

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yea I'd agree with that, and in the long term I still see us as in a bull trend, you agree?

I'd probably want to see us belong my bottom trend line and the 50D MA below the 100D MA before I start shorting, and even then I think I'd be more likely just to sit out

Never sold any of my bitcoin - HODL all the way! There are some very Bullish signs on the price chart. I would urge people to disregard the talking heads on the 'news' - they have a hidden agenda or are full of bullshit.
Look at what price is doing - price is the only true indicator! A leading indicator for that matter ;-)
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