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Epic Pennant on BTC Chart


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Well  - the Plus Token Trend line held up as support yesterday for the Bitcoin price.  Bitcoin is also above the 50 DAY EMA $7,244.  So good news.    The leveling out of infections in the U.S. and the eventual drop hopefully in a week or so bodes well for more bullish action.  

As I posted yesterday, last halving there was a run up then a dump in price in the six weeks around the halving, however at the time the 50 Day EMA was above the 100 Day EMA and never fell below even throughout the price drop.  I'm interested to see how it plays out this time. I haven't calculated it out (someone else is welcome to) but it looks like the price would need to break $10k to get a golden cross prior to the halving.

I'm undecided if now is a good time to buy, so much of the price of everything is virus dependent.  The price could follow this trend line down ( I'm doubtful it will break below it though) but picking some up at sub $7k may be possible.  I'm not sure.  

However when another bull run starts these price movements should be irrelevant anyway.  We'll See.

 

17 hours ago, VegitaXRP said:

Basically all I need to do is put up $100,000 use 100 times leverage and have the price go up 100 times and I'll have $1 Billion. It's so easy. Why doesn't everyone do this?

Sounds like a solid strategy. 

April 8 2020.png

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Well Bitcoin broke the Plus Token down trend line which is now a support line.

Bitcoin has created an up trend which has also been holding as a support line.

The next area of resistance is the Down trend which began on February 14th which I am calling the Valentine's Day trend line.  

After that the next resistance is the down trend line that began from the high back in December 2017.

I would expect the uptrend line to be broken eventually, but at what point?  Will Bitcoin take down the next two trend lines first?  Will it last all the way to the halving??

The good news is which each line Bitcoin takes down, resistance becomes support. 

4 9 2020.png

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As expected the Up Trend Line broke and the Plus Token Trend Line is acting as support.  Will this line hold?  I think so.  I picked up some more Bitcoin just now at $6,900.  I think this is just a breather and we rally prior to that halving then we start getting a pullback around two to three weeks before the halving which lasts till a few weeks after the halving.  Here is where Bitcoin is and where I think it is heading around the halving.  

If the Plus Token Trend Line breaks looks like $6,700 will offer some support but based on the way Bitcoin has been trading I think it makes up what happened today tomorrow with a green candle equal to the red one today.  

4 10 2020.png

4 10 2020 halving.png

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My plan is to buy a new position at 5800$ , I didn't sell at 7400$ and kept all my positions since days .

If we go down to the 5800$-6000$ , I'll buy more .

The plan is still 9800$ to resell 75% of my stack , we must see those levels soon (2-3 weeks) before going back down

Capture d’écran 2020-04-10 à 18.56.46.png

Edited by Baka
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25 minutes ago, Baka said:

My plan is to buy a new position at 5800$ , I didn't sell at 7400$ and kept all my positions since days .

If we go down to the 5800$-6000$ , I'll buy more .

The plan is still 9800$ to resell 75% of my stack , we must see those levels soon (2-3 weeks) before going back down

Capture d’écran 2020-04-10 à 18.56.46.png

cluttered TA is trash TA.

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