Did you buy the dip?
Hello Everyone,
Did you buy the dip? I hope so. I've been calling for the $45,000 area for about a month now and I was within $2,000. I definitely took advantage of this drop.
So some people are still bearish since we are technically still in a downtrend. Let me go over why I am bullish and a few things Bitcoin needs to happen to increase in price:
1. Price action is bullish. We can see as we were dropping in price, the volume spikes got lower each time.
2. Bitcoin is technically in a downtrend. Breaking these trendlines would put us in a new trend, most likely bullish.
3. MACD on the daily is seeing waning selling momentum. This to me says the sell off is getting close to over and buying momentum can resume which is bullish.
4. Daily RSI is heavily bullish with a lower low in RSI and a higher low in price.
5. The monthly and weekly charts had time to cool off. The market cannot go up in a straight line. Sell offs are needed to allow the market to continue higher.
6. Small "dips" in price have been bought up quickly between $50,000 and $54,000. This to me is bullish because anyone who failed to buy the dip is now buying based on the above confirmations.
7. Alt coins look extremely bullish, especially Ethereum. - self explanatory.
I hope you took advantage of buying this opportunity. This could set up the run to $100,000. The first step is breaking the upper line of the current downtrend.
As always, be patient, use risk management, and good luck trading!
Did you buy the dip? I hope so. I've been calling for the $45,000 area for about a month now and I was within $2,000. I definitely took advantage of this drop.
So some people are still bearish since we are technically still in a downtrend. Let me go over why I am bullish and a few things Bitcoin needs to happen to increase in price:
1. Price action is bullish. We can see as we were dropping in price, the volume spikes got lower each time.
2. Bitcoin is technically in a downtrend. Breaking these trendlines would put us in a new trend, most likely bullish.
3. MACD on the daily is seeing waning selling momentum. This to me says the sell off is getting close to over and buying momentum can resume which is bullish.
4. Daily RSI is heavily bullish with a lower low in RSI and a higher low in price.
5. The monthly and weekly charts had time to cool off. The market cannot go up in a straight line. Sell offs are needed to allow the market to continue higher.
6. Small "dips" in price have been bought up quickly between $50,000 and $54,000. This to me is bullish because anyone who failed to buy the dip is now buying based on the above confirmations.
7. Alt coins look extremely bullish, especially Ethereum. - self explanatory.
I hope you took advantage of buying this opportunity. This could set up the run to $100,000. The first step is breaking the upper line of the current downtrend.
As always, be patient, use risk management, and good luck trading!
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