38K Bitcoin Analysis (1hr)
Diupdate
First post.
Bitcoin is currently consolidating after a monster moves upwards to 40K.
If the recent past is an indication I'm expecting bitcoin to consolidate in a continuation pattern upwards and then bounce off the 50EMA (green line) like the two previous times at 32K and 34K after a big pump move upwards.
I believe this would be consistent with the Wyckoff accumulation model that has been going around:
Another longer-term analysis would be the falling wedge pattern over the last two months
Regardless of that, this analysis is on a smaller time frame, I simply expect bitcoin to repeat the patterns it made previously on the way up to 40K and create a bounce up once the 50 EMA rises to meet price action at approximately 39K to propel us to the 42K region. A stop loss should be placed below the 50 EMA buy a reasonable degree.
The EMA's used are the 9,21,50,200,800
Caveat: there is a possibility of a drop-down to the 36K region for a last point of supply at that resistance from the previous peak
Bitcoin is currently consolidating after a monster moves upwards to 40K.
If the recent past is an indication I'm expecting bitcoin to consolidate in a continuation pattern upwards and then bounce off the 50EMA (green line) like the two previous times at 32K and 34K after a big pump move upwards.
I believe this would be consistent with the Wyckoff accumulation model that has been going around:
Another longer-term analysis would be the falling wedge pattern over the last two months
Regardless of that, this analysis is on a smaller time frame, I simply expect bitcoin to repeat the patterns it made previously on the way up to 40K and create a bounce up once the 50 EMA rises to meet price action at approximately 39K to propel us to the 42K region. A stop loss should be placed below the 50 EMA buy a reasonable degree.
The EMA's used are the 9,21,50,200,800
Caveat: there is a possibility of a drop-down to the 36K region for a last point of supply at that resistance from the previous peak
Komentar
So I accidentally labeled this post as short, when it really is a long position. It is safe to say that it definitely played out in my direction. It followed the moving averages strategy I outlined but not the drawing I drew (the drawing was assuming the movement of the moving averages and was more crystal ball bullshit)
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