Both of these statements are true:
1. I think Bitcoin will make new lows.
2. I will make my most aggressive buys below $61k.
BTCActivation price $64,176.35Direction ShortType DirectionalTimeframe Mid
Max Favorable +0.4%Max Adverse −0.1%ACTIVE
Want to be bullish on Bitcoin?
Just wait for price to break above the weekly Ichimoku cloud.
80% of signals perfectly marked the start of a sustained bull market.
2019 is the only exception.
You don't need to buy the bottom. You just need to own the bull.
Hasn't flashed yet. https://t.co/BohoppGyLy
BTCActivation price $64,886.82Direction LongType ConditionalTrigger Break Above 91983Timeframe Long
PENDING TRIGGER
Here's the thing...
Bitcoin looks quite good here as it tries to reclaim its 55-day EMA (red).
I've been calling for a relief rally for quite some time and it keeps taking much longer than I've expected, with each attempt fading.
I'm targeting the 200-day EMA (green).
But...
When I first shared that relief rally target, it was around $76k.
Today, it's $72k.
By definition, this means that upside today is quite limited.
Currently +12% implied upside.
I don't think any of us are going to get excited by that.
What should get us excited?
The opportunity to retest the 200-day EMA, break above it, and flip it into support for a potential bullish trend reversal.
That's what I'm hoping to see.
But a lot of work needs to happen between now and then.
Embrace nuance.
BTCActivation price $64,839.32Direction LongType DirectionalTimeframe Mid
Max Favorable +0.9%Max Adverse −0.5%ACTIVE
It's the same setup we've seen over the course of this bear market.
Relief rally breaks above the 21 & 55-day EMAs.
Flip them into support.
Continuation towards the 200-day EMA.
It will work... until it doesn't. https://t.co/1UoHCDrHtG
BTCActivation price $65,858.26Direction LongType DirectionalTimeframe Mid
Max Favorable +0.8%Max Adverse −0.5%ACTIVE
Relief rally to $74k (200-day MA cloud) & then re-evaluate. https://t.co/oKclouvk0V
BTCActivation price $65,607.23Direction LongType DirectionalTimeframe Mid
Max Favorable +2.1%Max Adverse −0.2%ACTIVE