I said In my last post I will buy 21. w EMA test and I did at 40k :p. And it did not hold lol. I think everyone was expecting it, thats probably why, and the fud at that time.
But anyway, I think we retested 30k as the floor for the next bearmarket bottom, was this the biggest BTFD ever, or are we entering a bearmarket and the bounce now is a deadcat bounce?
Technically we went into a bear market when we had our death cross, the 50 daily moving average (green line) crossed down below the 200 (red line). But now that we have reclaimed it, I will be superbullish if we get the 50 cross up over and confirm a golden cross. Thats the definition of a bullmarket.
On chain data and fundamentals are strong, nothing has changed. In my opininon this was the last shake out/bear trap before the last phase. I would love to hear @tobetada and @cryptographic thoughts on it?
I belive we will move up, reason for why I think so? We have the same similaritis as the covid crash, fear index was 11, it was extreme fear in 2 months, funding was favoring bullishness and it still is. Miner capitulation and now we have a buy signal from the Bitcoin hash ribbons. Last time I wrote about it was the buy at 7,5k, and that played out well :) -> Bitcoin Hash ribbons gave a buy signal today!"
Max drawdown on signal from the Bitcoin Hash ribbons throughout history is on average 11%. Check previous post to see table.
I belive we will move up until funding flips bearish before a decent pullback, as long as we are above red 200 daily moving average this chart looks very bullish to me. Only if we start to trade below again I will reconsider, but to be bearmarket bearish I need closing candles below 30k.
I think so, alts have been flipping local resistance into support, after 3 months of correction they are showing signs of reversals, making higher highs and higher lows. And now they are showing buy signals on my custom trading strategy, a script in tradingview to visualize it :) Just as in january-february it was giving buys, and we had alt top's in may, after 2-3 months of correction they are starting to show buy signs again. Or is this just a fakout and bulltrap?
I bought a BAT bag as I did in january, lets see if it will play out again :) Many coins have the same setup, and some already pumped like ADA.
It has a good win ratio, both confirmed signals (yellow mark above/under) on BTC and ETH ytd have been wins.
Hope you enjoyed the read and leave a comment, are we entering a bullmarket again, or not?
Please do follow if you want to keep up with my next trade post. Any upvotes or reblogs are hugely appreciated!
Latest crypto post, check out :
12 days later and hey 12k - A quick update on my previous BTC post"
Christopher
Kristiansand, Norway
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