Uncategorized

Bitcoin needs time in the 4000s

Put simply, bitcoin crashed through the 4000s in 2018, it ripped through the 4000s in 2019. It is extremely unlikely that BTC will close a daily above 6000 without further exploration of 4200-4900. The Stoch has been pegged near max for weeks and a weekly candle opened outside the upper bband for the first time since the 20k top and printed a doji . I would expect we dally in the 4000s for at least a few months and it might be much longer before we have a reasonable chance at breaking low 6000s resistance (I draw my breakout line around 6200).

I’m not short here, but I am in cash and won’t hesitate to short if this pushes further into my resistance band (red box).

This is good news though. The larger the launchpad the higher the rocket will eventually go – so hopefully we will continue to build one for the rest of 2018 (and maybe get a nice chance for shitcoins to bloom ). As I see it the incredibly powerful move up from 4100 shows that the the 3000s have been fully explored and there is no reason for price to return there. I believe the lows for bitcoin are in and I would love to trade BTC in an easily defined range bound area before rebuying a breakout of 6200. Easy way to increase your stack before true moon in 2020 or 2021.

Luck to you all.

Leave a Reply

Your email address will not be published. Required fields are marked *