BitcoinUpdated Similar movement to April 2020, needing to confirm move up
Comparing the dramatic move up with previous price action, I found very few examples. In April 2020, BTC behaved very similarly, incrementally moving up for several days followed by a sudden strong move to the upside. That path maps exactly to the upper trend line I've drawn out here.
Mirroring the prior path, the current path moves through the current area of resistance and confirms as short term support. This may play out again. Subsequent to the strong move up in April 2020 we fell down to within an upward channel and continued back up. This would seem to map out to the current areas of resistance and the channel that is forming.
Of course, we are at a different time in the bull market and hype around large accumulation is certainly different. At least in the short term however, BTC takes the spotlight.
As a new crypto investor last year, I was constantly frustrated by the '2 steps forward, 1 step back' patterns that were then followed by a surprising and quick move up. I've learned to take the opportunity on the step back to reassess the trend and accumulate. Whereas last year I would see gains disappear and difficult to recover, I'm much more successful this year. I hope that continues. :-)
Although I may be at the end of my accumulation of Bitcoin, and completing my accumulation of Ethereum soon, there are many more crypto investments to choose from as our investment market is at the very beginning. Bitcoin could very well be the Berkshire Hathaway of crypto, which few of us would ever consider purchasing in its entirety.
Trading crypto has risk as does any other speculative asset. The risk you take is your own. Trade safely!
Mirroring the prior path, the current path moves through the current area of resistance and confirms as short term support. This may play out again. Subsequent to the strong move up in April 2020 we fell down to within an upward channel and continued back up. This would seem to map out to the current areas of resistance and the channel that is forming.
Of course, we are at a different time in the bull market and hype around large accumulation is certainly different. At least in the short term however, BTC takes the spotlight.
As a new crypto investor last year, I was constantly frustrated by the '2 steps forward, 1 step back' patterns that were then followed by a surprising and quick move up. I've learned to take the opportunity on the step back to reassess the trend and accumulate. Whereas last year I would see gains disappear and difficult to recover, I'm much more successful this year. I hope that continues. :-)
Although I may be at the end of my accumulation of Bitcoin, and completing my accumulation of Ethereum soon, there are many more crypto investments to choose from as our investment market is at the very beginning. Bitcoin could very well be the Berkshire Hathaway of crypto, which few of us would ever consider purchasing in its entirety.
Trading crypto has risk as does any other speculative asset. The risk you take is your own. Trade safely!
Note
Interesting rejection, re-confirmation of the lower area of support and re-confirmation of the upper area of resistance. We are still within an upward channel, and it seems that again buyers are coming in at this level.Note
And we complete the weekend with a very orderly move up through the channel and continuation of the upper trend line. We should be confirming or rejecting this upper line very soon. At this point however it looks like a confirmation and continuation up.Trade safely!
Note
We need to confirm support of the recent area of resistance, otherwise there is a risk that we could push through it as we have previously.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.