So we just saw a pretty nice pop higher in the price of BTC within the last 2 hours, but what does it mean? Does it mean the bottom is in for Bitcoin? Afterall we did come within $108 of the $6000 low set on Feb. 5th (Bitfinex) and it held. We have now bounced from that level but can we be sure this is the start of a new uptrend? Does it signal a time to BUY!
Not for me, I will have to see much more progress than this before I start any major buying. I did sell a major portion of almost all of my positions last December and again in January so at some point I do need to start the rebuilding process. Obviously, I want to do it at the best prices possible but I am trying to be patient and not jump in too early, I am certainly not trying to catch the absolute bottom.
I keep a very close eye on the markets anyway so if I see positive momentum building I may start nibbling but really the first buy trigger for me is for BTC to push above $8000 again. I should also say that I am talking about buying for long-term holding, not day or swing trading. Long-term I remain bullish on cryptos as a whole but ultimately, I would say that there are two huge steps BTC needs to make before I become very bullish in the short-term and start putting serious money back into the markets.
Step #1 is to push back above and hold above $8000 again, while also regaining the 100 day SMA.
Step #2 is to push back above and hold above $10,000 again, while also regaining the 200 day SMA.
A bonus would be pushing back above $12,000 at which time I would become even more bullish.
Here is my Bitcoin chart for today.
I have only talked about Bitcoin here because generally most of the crypto markets follow Bitcoin. Also, I want to say again that everything I am saying here is in regards to entering long-term positions. I am fairly active at also short-term trading cryptos (mostly swing trading) and will continue to do so as the opportunities present themselves, after all, it would not make any sense (at least for me) to pass up those opportunities which arise on almost a daily basis.
That's all I have for now, I just wanted to share what I am thinking and a bit of my overall plan.
So until the next blog post. Take care and protect your capital!
BigskyCrypto
Questions or comments? Email me at [email protected]
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