I don’t know about you guys, but my bullish bias on Bitcoin remains relevant.
All important levels held the price + some people tend to believe this dump was caused by the plague-related news (another bs FUD you won’t remember in 2-3 weeks).
Losing $82,500 would prove me wrong, but until that happens, I’m bullish on #Bitcoin.
Hype is definitely bullish and ready to go to at least $110 mark once the market moves.
There are two buying setups:
- Market buy. This is the riskier setup as the stop loss should be located far away from the entry price.
- Limit buy. In case of the $97 resistance breakout. This is the safer option because 1) it triggers after breakout confirmation and 2) it provides better RR.
As long as Bitcoin is not dumping — it is bullish. Haha, I know it sounds ridiculous, but it is how it is.
Bulls are defending the support, while bears are defending the resistance. The overall trend is bullish + every new pump is supported by massive spot inflows, while dumps are mostly leveraged driven.
I like the liquidations cluster which is located in the $89,000 — a thick layer of liquidity. The closest layer of such liquidity is in the $75,000 - $76,000 area (which we will definitely visit).
👉 But in my opinion, we are going to $89,000 - $90,000 first.
The bullish scenario invalidation point — breakdown of the $83,400 support and consolidation below (not just a fake impulse). #Bitcoin
For now the price is consolidating above the 0.5 Fibo lvl of $2684. Classic weekend chop.
The overall priority remain bullish, but I am not so sure we are going to pump straight from this support. Have to grab some liquidity from late LONG positions with high leverage first.
The support of $2620 looks good for buying, but the best spot remain at $2500. We will get that level in case of #Bitcoin dump to $80,000.
The next week will be important, I think we will get a number of good opportunities (discounts). #Ethereum
Bought #Bitcoin on spot near the $84,000 support, sticking to the plan.
No leveraged LONG for now.
The zone of my main interest remains in the $79,000 - $80,000 area. There I will buy more spot & potentially open LONG if there will be a positive reaction.
The price has dumped recently because of the Clarity Act related news (posted above).
However, it is too early to write #Bitcoin off. It is now located inside the thick layer of supports (marked on the chart). The lower it goes — the bigger the demand.
The best analogy I can give is a jelly cake. The harder you press on it, the harder it bounces back. (probably the first analogy that came to mind because it’s my birthday today).
❌ In fact, there are two strong triggers to buy:
1) Strong bounce from the $74,500 - $75,500 area.
2) Breakthrough of the $79,500 resistance.
As long as the support holds the price, there is no reason to sell.
Six months passed since I posted this chart, the price dropped from $0.088 to $0.07. Some more decline and we can start accumulating in the $0.05 - $0.055 zone.
The price dumped -3% from yesterday purchase, but the setup is still valid. Ideally, it should come back above $69 level in the next few hours. In this case we will buy more.
Setup invalidation is red line, crossing one from top to bottom will cancel the trade.