Which gave a buy signal in april. It played out as according to history. A pre halving pump and pullback after and we got both, and as i stated in my last post I did expect a miner capitulation after the halving and then a new buy signal, and it played out beautifully. Both buy signals gave +30%. Check my original post here -> Bitcoin Hash ribbons gave a buy signal today!
Now what do i expect; Lately we have had a pullback to the 21 weekly EMA 4 weeks in a row (yellow line), this is buy the dip indicator in a bullmarket which we are in (golden cross is the definition of a bullmarket and price above the 200 daily moving average.) If you look at previous bullrun for BTC you will see that 21 EMA is the perfect buy signal and we never closed under. I have been buying btc 4 weeks now and I am bullish as long as price doesent close weekly candles below 21 weekly EMA, in that case i would exit my positions and reenter on a daily 200 ma test. (red line) No need to be bearish as long as we are above and printing higher lows in higher time frame.
I am expecting price to consolidate and re-accumulation happening here out the year, our best bullish scenario is that we form an ascending triangle and get our breakout at years end or early 2021, so I will be stacking sats in the meantime :)
Bitmex funding is a great indicator, have a look at it. When the majority is bearish I will be on the long side. Just as when Chainlink where at $20 people where saying buy the dip. I choose to be a contrarian and it played out well, waited patiently for a test of the 200 daily MA at $7-8. You can see throughout history when the majority are short (red boxes) we usually get a pump to the upside and vice versa. From the low in March, the majority have been shorting the market until 10k, it was first at 10,5k breakout they became bulls.. and now they are bearish again, so if history will repeat we should go up. :)
Oh well this was not a quick update, hope you enjoyed it. I will only be bearish if BTC closes weekly candles below 21 EMA. Keep it simple :)
Legal Disclaimer : Never invest more than what you can afford to lose. I am not a financial advisor and I am sharing my opinion based off speculation. This post is for informational purposes only and provides only my personal opinion. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
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Bitcoin Hash ribbons gave a buy signal today!
Christopher
Kristiansand, Norway
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