Steady as she goes. Sometimes it is not all fireworks as we saw the last few weeks with Bitcoin. Volatility makes for some fun watching and for some a really stressful day. What we have seen the last 6 days is just a steady boring bullish trend. For me, this is as easy as it gets. Looking at the candles and how they have been closing on the day for the last few days, confirms this bullish run.
If we have been looking at the Trend Line or EMA 8, just as the rules of the EMA state, the chart has been producing the exact outcome as it has been telling us. Closing above the EMA 8 shows the upward trend confirmed. Now, might not be the best time to jump in for an immediate profit but Bitcoin is a long haul kind of investment. It will grow far from where we are at today. The bulls are in the house and are just keeping things steady.
The Stochastic chart below shows the two lines almost converging but the light blue line is still above the down trend line, as slight as it is it still sits on top. This shows us that we need to just be solid not wavering from our position. Remember, the key to loosing in trading is to be emotional. This is NOT what we want. We need to have a plan and stick to it. Exit strategies are key for success. Holding to these exits are extremely difficult as I can tell you first hand that I had lost much due to emotions and poor strategies.
I am not offering any advice but just trying to show some things that I see and my observations on the chart. My experience has shown me what not to do. I want anyone reading this to not follow my early trading experiences. I lost a lot of money. I guess learning anything costs money. Either by loosing it or investing in a education, knowledge costs money. Either way, I learned and it hurt. I want to show how easy it is to see what is happening in the chart and learn how to make good decisions in trading.
For now, it looks like the trend is moving in a bullish trend for now. I still believe that the resistance is around 2800. It needs to break this resistance point before it can move ahead. In time. Be patient, stay on your plan and do not get emotional. Fear will separate you from your money. Do not fear!
All the Best!