The last 24 hours of bitcoin price action has been fun as we have seen a fake out breakout on the hourly chart once and now maybe twice.
Waiting on The Moon Through 50K...
The short-term grind...
The daily candles are tight and slightly grinding higher, which is why I moved to the hourly to get a clear idea of where the resistance points were and where to anticipate a breakout.
With that said, about 49,500 was the level that price was hitting its head alot before pulling back toward 48k.
Last night, price pushed above that, triggering a long trade in anticipation of a price above 50K and then some.
What we got was a quick spike, no follow through and then a pullback into the 48K area again.
Well, I got long and set my stop just below the consolidation level of the breakout range (48.5K) and then went to bed since this moved happened late on EST time.
Clearly, I took an L. After the 50K spike price traded down to 48K stopping ne out before pushing back to the top of this range it has been battling.
Now we see price just spiked through 50K again and immediately pulled back below 50K again.
I'm sitting on the sideline waiting for a confirmed breakout and close above 50K on atleast the hourly chart.
NOTE: this post is from a day trading perspective. Long-term, I added some on the little dip as price will likely be above over 50K at some point over the coming months regardless of what happens over the next couple weeks.
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It's absolutely insane the spikes and dips that once took weeks/months are now happening in an hour.
I take it this shows alot of people are entering the market and many are trying to pull it down.
This behaviour is bad for all those futures traders, interestingly I think BTC will continue to grind up beyond 50k. It has been great to watch. I have no money in BTC so just an observer.
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Yeah, those long futures are paying fees and not getting any action!
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It's certainly taking it's time but I'm glad at least there wasn't a snap pull back after touching 50k... looking bullish!
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yeah, slow grind higher is better in the long run.
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I knew people wanted to see $50,000 bitcoin but also knew there's just a lot of Hype behind it and it seems to be fading off. I'm leaning towards a hard crash to be honest as much as I don't want to see it it seems pretty over bought and less hype to go around. Totally could be wrong though.
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Really? Already?
Well, as I write this, BTC is above 51k. But I have the advantage of 3 hours into the future. :)
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Things look strong!
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Yup, my plan given the facts we know now is that I don't move a muscle until BTC hits 100K. Then we'll see where we're at.
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I really see it much higher in these two weeks, note that it is always respecting the fall, instead the rise continues to increase in percentage terms.
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You have the confirmation now. What do you think about alts once BTC starts rallying above $50k?
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I covered my futures shorts on the alts last night before I went to bed ;-) That about sums it up. Let's go!!!!
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They look good on the price charts, plenty of reversal candles on the dailys. I closed my short futures positions (hedges) on my alts and am full out long. In fact I loaded up on a RUNE futures trade too.
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I actually find LTC easier to do hourly trades or day trading with.
I then take all my profits and dump into ATOM as I believe it is the future of all blockchains with the IBC protocol.
Plus it pays out a 5% staking reward :)
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