Bitcoin Buy Weekly Strategy

the down weekly candle we see midway through the week does look very much like the down candle following the run up to 20K in 2017, that correction saw a base form at the 4K level, If we are to repeat that here( markets seldom perfectly repeat anything) we would get a new base at the 16K level. Hard to believe we will get there but Bitcoin has a history of overshooting peoples expectations

By the way, here is a long term chart of the nasdaq , see any similarities to Bitcoin

That is certain. I just cringe when I think of the people who bought it when it hit 40k. I’m sure there were plenty of those.

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I sold off early Sunday, good timing on my part because I bought at around $30K I think. Reinvested the profits about an hour ago. Hopefully it works out, if not then I’m not out anything.

I did not really plan on getting back in, but I couldn’t resist. I will not be selling this time.

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I said this too when it was at 20k in 2017 :sweat_smile:

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I don’t see any reason to panic just yet. We are well above $35k.
If we get below psychological level of $30k that would be a problem.

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Is this the start of “recovery” from the “crash”?

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4-day losing streak looks like it will end

this is why I preach buy a little ever week, it you waited until 40K to buy your first Bitcoin then it is on you

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I regret not doing it as I followed your thread. :expressionless:

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Saw this after a quick search.

Dollar Cost Averaging Bitcoin - dcaBTC.

Agreed, time to take out longs!

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It is critical for BTC to maintain upward momentum during today’s Asian session,
otherwise double top may be forming.

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we briefly traded above 40K today, Double top could come into play

Even as we are down 900 as I post this we could still see another green weekly candle
Screenshot 2021-01-15 at 6.35.01 AM

I did too, back then. Now if there’s a big drop it’s going to be even more painful than the 2017 one.

USD is stronger today. This may be a contributing factor. Hopefully BTC will still manage to close above 200MA on 1H chart.

I’m curious to see when BTC will rally above 40k. And if that will even happen.

It does look like we will end our 4-week win streak and what a steak it was taking us from 19K to 42K. This week we will have an inside candle, this indicates consolidation, I would not be surprised if we see a few weeks of consolidation as the market digest this historic move