It depends if you’re looking for day trade or long term investment.
It's clear that there is a war going on, as the bulls and the bears struggle for control.
Everyone and their mother, is getting super bullish right now. However, this is still a bear market downtrend.
So, I would be very careful proclaiming that the bottom is in. With that said, we could continue to rally from here, but I doubt that will be the case. Simply because we never tested the top of the downtrend channel for support. I know that isn't mandatory, but in a powerful bear market, it's good to see that sort of confirmation, to prove that former resistance is now support. We appear to be doing that on the 200 EMA , but in the form of a bearish pattern (the head and shoulders .) So, there truly isn't an ideal trade setup right here.
At this point, BTC could easily roll over to test the top of the downtrend channel , or the rising black trendline. So stay nimble, and don't get caught up in the hype! If you want to be a buyer, that's great. Why not wait until there is a better risk/reward opportunity, so that you can protect your capital? Don't let the rabid bullishness cause you to lose sight of the bear market. We still have no proof.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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