Here we can see Btc has retraced all the way to its trend line at 30k and bounced of 3 times with wicks. I covered my shorts and now wow what a great dip buying opportunity for hodlers.
Potential 3 Bar reversal pattern here on the candles on the hourly, rising wedge reversal pattern break and 1 min moving averages turning bullish at time of print.
The thing with dip buying is never expect to hit the exact bottom just try and average in a good price and accumulate over time in uptrends. It's highly likely though all pro's are short covering here and dip buying for short profit taking and getting a good average price for bitcoin. BTC is in a bull market and the hourly moving averages (see first chart are still extremely bullish) 30k is a fantastic discount from 40k yesterday. First resistance is really 36k, we can review later.
Potential 3 Bar reversal pattern here on the candles on the hourly, rising wedge reversal pattern break and 1 min moving averages turning bullish at time of print.
The thing with dip buying is never expect to hit the exact bottom just try and average in a good price and accumulate over time in uptrends. It's highly likely though all pro's are short covering here and dip buying for short profit taking and getting a good average price for bitcoin. BTC is in a bull market and the hourly moving averages (see first chart are still extremely bullish) 30k is a fantastic discount from 40k yesterday. First resistance is really 36k, we can review later.
Commentaire:
A note of warning to hodlers dip buying is that whilst the overall weekly and monthly bitcoin charts are in a bull market, we have technically retraced more than 20% from the ATH here. Some would say that is bear market territory so dip buyers should expect to be prepared to hold their bitcoin as long as necessary to make a return.
Trade fermée: cible de profit atteinte:
Take profits now at 36200 for swing day traders (6000 points gain from an entry yesterday is a great move!). Longer term holders no reason to sell
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
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Telegram coming soon.