Crypto Chartbook: Bitcoin, Exploration Needs Persistence.

Close Up of Bitcoins

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As speculators, we are explorers of the future. The unknown. Each exploration is founded on one main principle, persistence. One can’t implore “whatever it takes.” But one can prepare and make for each imaginable scenario a detailed plan on how to come out ahead. Meaning persistence isn’t only needed once we are away manifesting our goals, but persistence is necessary for accepting no shortcuts in the mission’s preparations. There is nothing that one can “wing” in one’s market play. Bitcoin, Exploration needs persistence.

Bitcoin is in a steep uptrend, and as such, the trader’s business is to exploit each retracement if it offers a low-risk entry point.

BTC-USD, Monthly Chart, The road map:

Bitcoin in US Dollar, monthly chart as of April 26th, 2021.Bitcoin in US Dollar, monthly chart as of April 26th, 2021.Bitcoin in US Dollar, monthly chart as of April 26th, 2021.Bitcoin in US Dollar, monthly chart as of April 26th, 2021.

Bitcoin in US Dollar, monthly chart as of April 26th, 2021.

We always advise finding the bigger picture first. The monthly chart illustrates clearly the directional market, which is the essence of edge for a trader. Anything that gives us an edge is of value, and all those edges mounting up together to a true edge is what we are after.

Where interest arose was finding besides the trend two additional points of interest: First, we identified a significant volume support supply zone near US$47,680. Secondly, there seems to be a pattern if you look at the vertical lines we drew, that prices seem to bounce to the long side once the CCI (Commodity Channel Index) approached near the zero lines.

BTC-USD, Weekly Chart, Stacking the odds:

Bitcoin in US Dollar, weekly chart as of April 26th, 2021.

Bitcoin in US Dollar, weekly chart as of April 26th, 2021.

The next step is finding supporting factors and other odds stacked in lower time frames. One way measuring retracements is through Fibonacci retracement tools. In the above weekly chart, we did this by measuring from each leg lows (1-4) to the highs to find an overlapping high probability point of support for a possible turning point to occur.
The yellow circle provided just such a zone of odds in our favor with a carpet of support under the price.

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Disclaimer: All published information represents the opinion and analysis of Mr Florian Grummes & his partners, based on data available to him, at the time of writing. Mr. Grummes’s ...

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