J.K. Rowling asked about the Bitcoin. Robert Kiyosaki predicts the end of the US economy and the bitcoin price rises up to $75,000. 20,000 stores start accepting cryptocurrency in Venezuela. The volume of open interest in options for bitcoin on the CME soared ten times in two weeks. Moreover, the USA allocates 3 trillion dollars more (!) to support the economy.
Is a new bullish trend starting? What to do if a short is open or you have a zero amount of btc?
Quick guide
1. Enable antipanic mode.
2. Look at the downtrend line.
3. Watch a strong reversal zone at the level of $10,180 (April 2018, October 2019, February 2020 and May 2020).
4. Recall that the best time to buy = break through the strong resistance, but not under it.
5. Estimate the potential targets: $11,500 (+ $1,500), $13,800 (+ $3,800).
6. Look back at the history: even the super fast bull market gives you a lot of pullbacks when you can succesfully get on board. And if you don't catch the perfect price (which doesn't exist actually) it doesn't matter when to buy the price is rising anyway.
7. Look at the April's breakthrough zone of $7,385 (-$2,600), which hasn't been tested yet.
8. Global economies and corporations are in a terrible condition. There have no been examples of anything like this before.
9. Cool off your head and either wait until the price is above $10,180 (closing a weekly candle or signals and volumes on LTFs) or look at the bounce from the level of $7,380 (which is still a magnet).
IMO
The market could rise to $13,800 and you shouldn't miss a chance to ride this wave of positive. But don't forget that the US and China relation has got worse, the virus hasn't been taken under control and there will be a negative reports on companies activities, bankruptcies and high unemployment. All this could drop the markets quickly and sharply.
Therefore, you can come to the bull's side only if they break above $10,180. Don’t take off the bear skin until the global economies begin to talk about recovery and all the laid off begin to get back to work (here you need some patience for 2-3 years).
Not a trading recommendation.
PM me for requests of TA (free).
Like if useful.
Subscribe.
Be healthy.
Stay safe.
Is a new bullish trend starting? What to do if a short is open or you have a zero amount of btc?
Quick guide
1. Enable antipanic mode.
2. Look at the downtrend line.
3. Watch a strong reversal zone at the level of $10,180 (April 2018, October 2019, February 2020 and May 2020).
4. Recall that the best time to buy = break through the strong resistance, but not under it.
5. Estimate the potential targets: $11,500 (+ $1,500), $13,800 (+ $3,800).
6. Look back at the history: even the super fast bull market gives you a lot of pullbacks when you can succesfully get on board. And if you don't catch the perfect price (which doesn't exist actually) it doesn't matter when to buy the price is rising anyway.
7. Look at the April's breakthrough zone of $7,385 (-$2,600), which hasn't been tested yet.
8. Global economies and corporations are in a terrible condition. There have no been examples of anything like this before.
9. Cool off your head and either wait until the price is above $10,180 (closing a weekly candle or signals and volumes on LTFs) or look at the bounce from the level of $7,380 (which is still a magnet).
IMO
The market could rise to $13,800 and you shouldn't miss a chance to ride this wave of positive. But don't forget that the US and China relation has got worse, the virus hasn't been taken under control and there will be a negative reports on companies activities, bankruptcies and high unemployment. All this could drop the markets quickly and sharply.
Therefore, you can come to the bull's side only if they break above $10,180. Don’t take off the bear skin until the global economies begin to talk about recovery and all the laid off begin to get back to work (here you need some patience for 2-3 years).
Not a trading recommendation.
PM me for requests of TA (free).
Like if useful.
Subscribe.
Be healthy.
Stay safe.
