The bears dropped the candles below the 4hr 50MA and that is typically the point I turn from to . I am still hesitant to claim the bears have full control. Especially after the bull market we all have been a part of since 2020. This drop was pretty expected. I gave plenty of warning that a drop was on the horizon. Even a date. The gaps sure make it easy to call things like that and it worked famously this time as well. The gap filled in less than 8 hours after Monday’s candle opened. Learn how to trade a gap. You can make fistfuls of profit if you play em right. Just make sure you exercise risk management and you should do fine (stop loss)
The bears seem intent to bring us back below 50k. But first they have to deal with the over abundance of support below us. Thanks to the support going down wont be as easy as it would be otherwise. We recently fell below the 4hr 50 MA and the 55k support I drew on the chart. We have retaken the 55k support but the 4hr 50 MA is the real test… Can we retake this key indicator? This could be the difference between bear and bull IMO. (well the daily 50 MA is more significant but I still put a lot of weight into the 4hr 50 MA as well)
I know some of you dont want a bear analysis but Im afraid we cannot be full bull every day. Its unfortunate I know. But hey look at it from the bright side… If BTC goes down in price I get more BTC for my money. If it goes up I get profit. Either way I win. That is how you play this market. Dont give it a chance to make you a loser. Play the pumps but also play the dumps as well. Its crucial to becoming that great trader you want to be. Right now we still have the luxury if the support range (52k – 55k is strong support) We also have the 4hr 200 MA to catch us if we fall. Then a quick cycle to the daily shows the entire trading set up I use well below the candles. This is why I am hesitant to say . But you better believe I have a stop loss set!
Is 61k the top? I cant tell you that. What I can say is be on your toes. Whether BTC is at 61k or 6k I can make money either way. If you truly believe in Bitcoin like I do the drops should be the least of your concern. If you believe in BTC you probably think 6 figures is in Bitcoins future. With that in mind why are you tripping on short term pricing? Something to think about. I hope you all enjoy your Tuesday. Make good choices ladies and gentlemen. And always remember WTFDIK????
TLDR: Bears are trying hard to take us down. Support is strong between 50k and 55k so the bears have their work cut out of them. Cmon bulls!