Bitcoin has been going up strong with only a small dip in the past few days, but other than that is has been pure bulls pushing the price up and up.
The thing is, I am not into trading, I feel like I’ve missed the boat on this pump and I am not willing to chase the highs.
I like Bitcoin, I would like to buy, but not after it went only up for so many days in a row. There was a dip from 50k to 48k but it was a small dip and short lived, one fay only. Other than that it is only up and I am not chasing it.
I may regret it but I would rather risk missing out on another pump than risk buying just before a dump.
So you're never buying then?
It has never not looked like this.
Only up.
$50k today is the same as $15k in 2020.
Right before it spiked to $40k and then $60k shortly after that.
I all depends on how far away anything is from the moving averages, and how long it hasn’t touched them.
Bitcoin is not always above the moving averages, sometimes it trades below them. Right now I would feel uncomfortable to buy it because it has been way above all the moving averages and has not touched them for a long time.
This has made me miss out on some impressive pumps but also saved me from buying tops.
I use the MA(25) MA(100) and MA(200) for a lot of my technical analysis as well.
The problem is that the ETF is outperforming anyone's wildest dreams and the exponential trendline is signaling that BTC is still oversold. I still think we get one more chance to buy in right after the overhyped halving event. After that it's quite unclear if we're going to get any good entry points.
Bitcoin only needs to dip 12% to hit the MA(25).
That's not a very big savings if it happens compared to the exponential gains on the table.
And the average is moving up quickly every day.
It's also weird to claim we haven't traded on these numbers for a "long time"
It's been a week since MA(25) and 2 weeks since MA(100).
You've been curated by @plantpoweronhive! Delegations welcome!
I think it is very wise to stay calm in these kinds of situations, when shopping at a high point of the chart you have a lot of pressure by the odds of making a correction, it is better to wait until you have one feasible entry.
I would like to take this opportunity to invite you to read a post about the delegations in Inleo
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