Bitcoin Battle: Bulls vs. Bears at 50-day MA
Markets @stockBondTrader: Issue 53, 21st April 2021
Welcome to a brand-new newsletter! I was off for the past 5 days and had my friend run my updates for me in my absence.
I have given some thought to what I would like to focus on going forward, and I would like to switch from the daily-newsletter on US opening calls into an irregular newsletter, but with substantial updates (my daily opening calls will continue to appear in a reduced form on Twitter).
What’s hot right now? Over the past few weeks, I see a much bigger opportunity in #Crypto, than I do in #stocks and indeed traditional #markets as a whole. Right now, there is a battle between bears & bulls going on in #Bitcoin:
Previously, the 50-day Moving Average served as a strong support for BTCUSD, but we how now broken through this resistance and have been trading below it for the past 4 days. As long we as don’t fall “off the cliff-edge” and continue to sniff around the 50-day MA (at least from below), I am more inclined towards recovery, than a further sell-off.
But bear in mind that the longer we trade below the 50-day MA, the less likely it is that a bounce-back will occur.
How can we trade this Bitcoin dip? I intend to trade it in two ways:
1) I am a long term investor in #Bankera, and any #BNK price below $0.002 is a strong buy for me (I believe in the project, rather than some “superiority” of BNK as a coin: the project is about block-chain era banking, their own crypto-exchanges & crypto-wallets, and easy-of-transfer between Fiat and Crypto).
2) Whilst I HODL #BNK and use dips to accumulate, I intend to trade the FTX “Bullshit Index” (index composed of altcoins): https://coinmarketcap.com/currencies/3x-long-shitcoin-index-token/
Any dip below $5K on the shitcoin index on the FTX exchange (https://ftx.com/trade/BULLSHIT/USD) is a buy for me, as long as #BTC stays around teh 50-day MA.
Let me know if you have any feedback on the new type of newsletter in the comments pls! Thank you and remember: life is dynamic and it’s always about searching for the right opportunities at the right time!