Bitcoin at Numerous Technical Supports for COINBASE:BTCUSD by This_Guhy

By June 20, 2021Bitcoin Business
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Bitcoin at Numerous Technical Supports for COINBASE:BTCUSD by This_Guhy
Bitcoin at Numerous Technical Supports for COINBASE:BTCUSD by This_Guhy 1

The top chart
Bitcoin has set three higher lows against the 400 EMA and appears range bound between the 400 and the 200 EMA . The long term resolution of this consolidation determines whether the bull market continues for perhaps another year and this was just a retrace or if this price action was the fist stage of a bear market. I am watching to see if Bitcoin is above the 200 EMA when it hits the blue trendline. If it is above 200 EMA when it hits the trendline Bitcion might continue upward if the 200 holds as support and the trendline fails as resistance. If Bitcoin is not above the 200 EMA when it hits the trend line then it is at a double restance and very likely to go down in a rapid manner.

The Bottom Chart

The higher lows set up an ascending triangle that might take price action above the 200 EMA and give the bulls the support needed to get out of the blue X charted above. For swing traders Bitcoin is finding support at the daily keltner and bollinger bands and that should steady hands looking for an uptrend. There may be a very long period of consolidation and this ascending triangle doens’t really trigger and one can just beat money between the BB/KC top and bottom for a couple of months.

My (crypto) trade

I had an embarrasinly bad long entry on a alt that is under water now and I need for it to get back in the money before I consider doing else with crypto. I usually only have 1-2 legeraged positions for crypto and right now I am keeping it at 1. Before I had 2 and I took a big L on the first entry. My long term bias is for a bear market to begin with a rejectoin at the blue trend line but in the mean time there is chart formation and a case for a swing trade for the upside so despite my bad entry on a altcion I hope to make up for the L I took and hopefully be roughly even the last 30 days.

Below is a linked idea where I called a but at the base of the bollinger band .

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