I haven't posted any charts in a while. Like most of you, I'm getting really bullish and optimistic about the long-term potential of Bitcoin. Looking at the charts, I'm a bit bearish short term.
Let's start with the weekly.
Looking at the weekly, we have good news and bad news. The good news is with just a couple more levels of resistance we could see a very serious breakout. Are new all-time highs in the future? Long term, I'm really optimistic.
However, looking at the Bollinger bands we see that we're way overbought right now. RSI is also way up there. There's room for a correction here, when is the only question. Bitcoin has that way of rallying for weeks even when it looks way overbought like this. Still, I suspect a correction is coming soon.
The daily seems to tell the same story.
Again we're really overbought. The RSI although better is still a little high for my liking. We are falling in the band's region and heading towards that all-important center band. I also think it's interesting that both the support level and middle band are around the same range. Could be a nice opportunity if support holds. Still, I'm a bit bearish until we bounce off support and break through that center band.
The hourly looks so sweet!
Looking at the hourly alone, I'd be bullish AF, but looking at larger time-frames really negates that strategy. We are way oversold, RSI is beautiful! I'd love to enter here. Maybe a short-term trade is possible, but I'd be super cautious if I opened the position here.
Again, Bitcoin has that way of rallying up with a big green dildo regardless of when it wants to rally. Still, looking at the longer time frames, I think a correction is due.
Strategy:
Assuming my above analysis is correct, I've put in a couple of shorts on some shitcoin trades. Hoping the correction drives the rest of the alt market down with it.
Regardless, I plan to add to my alt positions and have started accumulating Bitcoin and ETH long-term. The future is looking bright. We also have the ETF hopium which could be a game changer if passed. The upcoming halving. Once the Weekly and Daily adjust, I'm super bullish long-term. Unless there is some black swan event or government intervention, this ship is ready to blast off IMHO.
A correction could bring some serious buying opportunities.
As far as shitcoins, I'm looking at the use case, market cap, and development. Basically "What does it do and how well does it do it?", "Are people using it?"
Hive meets this criteria, along with DeFi platforms, side chains, and even NFT projects if people use them.
Not meant as financial advice. Just posting some thoughts and my take on what's happening. Love it or leave it, seek a financial consultant for financial advice, not some random guy on the net that calls himself "The Dood" 🤣