BTC - Are we out of the woods, yet?Now that we have a local higher high, I'm feeling bullish on Bitcoin. However, I know better than to FOMO in. There a couple things that indicate we may not be out of the woods yet. Zoom in closely to the areas I have circled in red and pay attention to the GREY 4 hour 10 MA represented on the weekly chart. I outlined 2 of them with blue triangles to highlight them. Noticed the lower local high on the MA in comparison to the price action. This is a fast moving MA so shouldn't take much for it to reverse. If it reverses from the 9k range that is surely a bullish sign. However, if it plays out the same as it has within the past year, we may see some downside maybe around 7 or 8k. It should become clear within a week or two. Looking at the overall weekly history of bitcoin, we are very bullish at this level if we can maintain it. That's the hard part.
If this post gets 10 likes I will update with my BTC long entry. Thanks!
