Looking at 1A. on the 4-hour timeframe we can see that Bitcoin has run into the 200 MA (Moving Average) putting an end to the party for now. If BTC has enough buyers at this price point it will continue to move up, but it will encounter heavy resistance 1B. This is where sellers may show up and could put us back into the range. This is the main battle zone for now (the 4H timeframe.) If BTC gets over the 200MA it will go for an actual test of strength.
What we've seen over the last few days does in fact resemble a bottom, but there are a few unresolved issues that need to play out for this to be a legit bottom. I would be cautious at this point and wait for strength going up to confirm that in fact we did hit bottom.
The main issue: I would like to see Bitcoin get a bit closer to the white line (the 200MA on the 1 week timeframe). [img][/img]
Something to think about: This is the stage of the game where you can really make a lot of money, this is where the discipline and experience come in. If you have any capital left to invest you have to time it just right, pick one of the top market cap coins and wait to see if we go lower. If we do not and in fact we have hit a bottom then the first pull-back should be a safe place to jump in.
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Commento
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[img][/img] As we can see this idea is aging very well. The party is indeed over for now. BTC is trying to touch the bottom part of the MOABZ (the mother of all buy zones.) If it bounces up from there we can assume that we'll stay inside that range (29k to 34k).
[img][/img] However, if Bitcoin drops from the white line it will continue the slow journey toward the 200MA (200 Moving Average) on the 1W (1 week) timeframe.
That’s good stuff there, man. It seems that so many TradingView TA’s are saying we are off to the races yet keep getting punched in the face by the 200 EMA and MA on 4hr. It’s overbought anyways all the way up to the 8hr so it’s gotta pull back to let that RSI come down, right?
cryptoGats
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@Walter_White_2021, I trust a handful of other time-tested indicators such as price action and volume, support and resistance levels... The issue with the RSI is that we do not know when down is, there is always wayyy down as well. Also, I would trust the RSI on the higher times such as the 1D or 1W more so than the faster times - if looking for long term swing trades.
LaPiovra
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Above 4h 200 MA, what do you think next?
cryptoGats
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Thanks to those that take the time to hit the like button, it helps expose this idea to others.