BTC PICTURE - THE TWO CHANNELS, ELLIOT AND THE MARKET CAP HINT
Hello everybody, both fomoing ones and pessimists.
I would like to buy more at a lower level too, but we have to follow what the chart is telling us. I expect a retracement since we haven't had a proper one since March. And shorter term indicators seem to confirm that. However, the bigger picture is very positive.
First of all, as you can see, the two channels drawed almost two months ago are still holding. It could be drawed as a single big channel, but there seems to be two distinct levels, therefore I prefer the two channel option. Very useful perspective imo.
Secondly, while on the btcusd chart we seem to fight with the 13800$ resistance given by the previous July 2019 highs, if we look at the market cap, we are consolidating ABOVE!
It is still too early to say that the resistance is definitively broken, but the more time we spend above it, the higher the odds of a continuation.
Thirdly, you know I am not an Elliot fan as it is very difficult to state the current wave we are in. Indeed, even in this case, I could not decide if we are in the wave 1 of another big bullish cycle (the March 4,000 lows being the final part of corrective wave C) or in wave 3 (the 4,000 lows due to covid being the wave 2). However, in either case, a new bullish trend has definitively started.
That being said, what can be a strategy?
SHORTING? Impossible.
LONGING? yes, with either a DCA (if you are starting now) or with purchases at any pullback (if you already bought some btc at prices below 10k).
The best? Volatility is still low, so OPTIONS are the perfect instrument at the moment. Please check the status to have slides or a platform indication.
Let me know what you think!!
I would like to buy more at a lower level too, but we have to follow what the chart is telling us. I expect a retracement since we haven't had a proper one since March. And shorter term indicators seem to confirm that. However, the bigger picture is very positive.
First of all, as you can see, the two channels drawed almost two months ago are still holding. It could be drawed as a single big channel, but there seems to be two distinct levels, therefore I prefer the two channel option. Very useful perspective imo.
Secondly, while on the btcusd chart we seem to fight with the 13800$ resistance given by the previous July 2019 highs, if we look at the market cap, we are consolidating ABOVE!
It is still too early to say that the resistance is definitively broken, but the more time we spend above it, the higher the odds of a continuation.
Thirdly, you know I am not an Elliot fan as it is very difficult to state the current wave we are in. Indeed, even in this case, I could not decide if we are in the wave 1 of another big bullish cycle (the March 4,000 lows being the final part of corrective wave C) or in wave 3 (the 4,000 lows due to covid being the wave 2). However, in either case, a new bullish trend has definitively started.
That being said, what can be a strategy?
SHORTING? Impossible.
LONGING? yes, with either a DCA (if you are starting now) or with purchases at any pullback (if you already bought some btc at prices below 10k).
The best? Volatility is still low, so OPTIONS are the perfect instrument at the moment. Please check the status to have slides or a platform indication.
Let me know what you think!!
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Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
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