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BTC has finally paid a visit to an historic level
🕑 Added 2021-05-13 12:18:00 +0000 UTCMany BTC and crypto influencers were getting nervous of not having paid any visit to the 21 weekly moving average (EMA 21 weekly). In every bull run there's a periodic visit to this level, multiple times. The 34 weekly is more rare and might happen only a few times in bullish market.
Last time we visited the 21 weekly was in September 2020.
BTC bounced up aggressively after reaching this level this morning.
If we can sustain the price over this level we increase the chances of resuming the bull run. If we break down the 21 weekly which now is sitting at around 46K, then we will need to find support on the 34 weekly at around 38K.
These EMAs are based on fibonacci numbers and very popular indicators to determine if the bull trend is over or if it's only a healthy correction within the bull trend.
Personally from what I'm seeing so far, I believe this is only a healthy correction and I must admit I'm happy that we said hello to 21 weekly, it's almost like a relief. Remember: the longer we run without respecting these levels, the. higher the chances of a HUGE MASSIVE correction. So doing so frequently it's something I interpret as a good sign.
In my article from yesterday I showed you evidence of moderate risk and I called out taking precautions by reducing the funds you have on your bots and prepare for a correction. You might call me crazy but all these bad news like Elon's last night announcement they all come when we are overextended and when the impact of a bad news offers the best risk reward for whales. I insist that they are following "whale psychology" just like I explain in my video.
Expect this to happen over and over, and learn to plan what are you going to do next time you see a STOP or a TOP alert on the indicator signal channel on Discord.
Everybody in the channel has different levels of risk aversion and expertise on trading . I share my moves in terms of stopping bots (I decided to not stop anything yesterday). But if you are more conservative you can always take these alerts I'm providing when I publish articles like yesterday or the actual signals on Discord to prepare your own custom plan.
Have a look at the risk profile of the bots.
And in the next week or two look at which bots have a tough time closing the deals and make a plan on a spreadsheet:
- which bots do you prefer to stop
- which bots do you prefer to reduce funds
- which bots do you want to switch on (because they benefit from the dump, Martyn does for example because it's bearish)
whenever the risk is moderate or when the risk is high.
Don't judge red bags on the very first day. Those are expected.
What matters is after a week or two, which bot looks more like nothing ever happened and which ones are still struggling.
Comments
Excellent call and thanks for keeping us informed. My USDT Bakkars were going like a steam train 🚂 💪
