The road to 10k continues. Could BTC go higher than 10k?
Welcome friends. Volatility and big moves have returned to the market. We have taken advantage of them and continue to do so with our positioning. Before we recap what we've done, lets dive into an analysis of what's currently going on. I want to bring up a daily chart as well as a weekly chart so you can see the strength that the weekly chart is demonstrating.
The first thing that we need to pay attention to is that the resistance zone that we thought BTC would bounce off of acted as strong support and came off that area quite strongly. We are already testing this resistance zone at $8,000 again. A break above this would indicate that we'll get a strong move further to the upside up to 10k.
We can notate that MACD is very much in positive territory on the daily. RSI is creating a divergence but the overall RSI trend is very much positive. This should indicate more upside.
What really indicates the most upside is the weekly chart. REALLY strong MACD. While RSI is oversold, if you scroll back you will notice that the market gives very little credence to an oversold RSI and gives much more weight to a positive MACD. This will indicate more upside in the medium term.
With that kind of strength on the weekly. Could we get a higher push past 10k? i think it's quite possible that it catapults past 10k to the 11.5k area, maybe higher? We'll have to gauge how the market is reacting as we get there.
For now, we re-entered our BTC sleeve at $7,200 after taking profit from our last position where we laddered in from 6.5k to 3.3k. We more or less just doubled our btc sleeve. We'll keep our stop just below 7k in case we start forming a bull flag and that should give us enough room if we get another spike down to 7.5k before another move up. Of course if we don't break above 8k, our stop will be triggered and we'll still have a lot of profit from our previous large move up. If you want a really tight stop to lock in your profit from 7200 to now, and put a stop below 7,700... but I don't think that's giving it enough wiggle room and I would stick with a more liberal stop.
Happy trading and hodling,
-Sherem
The first thing that we need to pay attention to is that the resistance zone that we thought BTC would bounce off of acted as strong support and came off that area quite strongly. We are already testing this resistance zone at $8,000 again. A break above this would indicate that we'll get a strong move further to the upside up to 10k.
We can notate that MACD is very much in positive territory on the daily. RSI is creating a divergence but the overall RSI trend is very much positive. This should indicate more upside.
What really indicates the most upside is the weekly chart. REALLY strong MACD. While RSI is oversold, if you scroll back you will notice that the market gives very little credence to an oversold RSI and gives much more weight to a positive MACD. This will indicate more upside in the medium term.
With that kind of strength on the weekly. Could we get a higher push past 10k? i think it's quite possible that it catapults past 10k to the 11.5k area, maybe higher? We'll have to gauge how the market is reacting as we get there.
For now, we re-entered our BTC sleeve at $7,200 after taking profit from our last position where we laddered in from 6.5k to 3.3k. We more or less just doubled our btc sleeve. We'll keep our stop just below 7k in case we start forming a bull flag and that should give us enough room if we get another spike down to 7.5k before another move up. Of course if we don't break above 8k, our stop will be triggered and we'll still have a lot of profit from our previous large move up. If you want a really tight stop to lock in your profit from 7200 to now, and put a stop below 7,700... but I don't think that's giving it enough wiggle room and I would stick with a more liberal stop.
Happy trading and hodling,
-Sherem
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Previous idea.
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Where I laid out my ladders and positioning for the next move up.
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