March is not Bitcoins friend

2021년 3월 5일Hello guys!

Today I am focusing on Bitcoin, since it is the crypto market leader. You also know: I prefer simple technical Analysis. This is not financial advice and of course, I am not perfect. This provides just an idea of ‘how it could’ play out.

Each trading day, a decision needs to be made, whether it is to exit a trade, enter a trade or remain a trade. A candle pattern that helps identify the fact that the current trend is going to continue is more valuable than may first appear.

I’ll expect this big candle, circled above, to be fully retraced before continuing the upward trend. It also gives me more confidence that this plays out because March isn’t a good month at all for Bitcoin. Let’s see if 12th march is like 2020, where the big dump happened.

Bitcoin is currently in decision mode. We now have to watch IF we are continuing making higher lows and higher highs or the 45k level breaks and the idea plays out in the coming weeks and so ALTS will bleed more.

The moment where we are exceeding 58k resistance I am aiming the 3.618 fib extension lvl at roughly 69k. This is likely to happen during the well-known ‘summer rally’.

Hope you got out some value. Enjoy the weekend.

Cheers!