Thanks for coming by to this update everyone.
Let’s look at the bigger picture and stop loosing control over short term price fluctuations.
Before I begin with a simple technical part I want to focus on the psychological side of the market.
Bitcoin is trading around 10.6k at the time of writing this update.
Some news about Bitmex is the reason BTC dumped a few hundred bucks.
I need you to understand that these short term pullbacks aren’t important.
Every news you read is planned by operators, they plan their move in advance.
They know what you’re thinking and they’ll always do the opposite of what you think! Yes this is exactly what happens every single minute.
What really matters is how you look at the bigger picture.
I have been saying this again and again in my updates. BTC broke above a very long term resistance and you are thinking of selling because it dumped few hundred bucks? No no no, don’t do that.
Technical Side:
The 21 Weekly moving average is an important indicator to know whether market is turning to the other side. RSI is sitting over the long term support around 51. KEEP AN EYE ON BOTH OF THESE INDICATORS.
Any weekly close and break below 21D Weekly MA which is currently around $10181 would be bad for BTC. IMHO it’s not coming so soon.
9k also happens to be an important support.
Even if we reach that level in a daily chart we can see BTC pushing back up above 10k in weekly leaving just a wick. So don’t make this mistake. Look at the bigger picture. I am also leaving the link to an update where I have plotted why I think BTC could hit $132,000 within May 2022.
I'll also update few short term charts for BTC.
So stay tuned.
If you like this update and need other future updates feel free to hit that like button and she your views in he comment section.
Stay safe
#PEACE