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Should we HODL today? A market update for Bitcoin price

In this, we check out how Bitcoin is moving in the markets and what the charts say might Bitcoin might show in the future.

Written by Bobby Atkins Published on



March 6th – Bitcoin Market Update by WolfpackCrypto on TradingView.com

Summary:

Resistance: 61.8% at $3,920
Support: 31.8% at 3,620
Stop: $3,600 or 2%
Trade Setup: I’m still long as long as we trade in this consolidation zone between Support and Resistance. If BTC breaks above resistance I’d be looking to reinforce positions possibly. Likewise, if I get stopped out at $3,600 I’ll be watching the market closely for new trade setups.

Long-term Buy/Hold Strategy: The Parabolic SAR Indicator on the Daily and Weekly still shows negative downtrend with no early signs of reversal. This is a lagging indicator so until prices rebound and confirm supports above resistances there is no clear buy setup.

Medium-term Buy/Hold Strategy: It’s always been a good strategy in any asset-class to buy around the 200 Week MA as a buy/hold. Crypto’s obviously don’t have the same kind of history as the stock market but in Bitcoin’s 10-year history buy on the severe dips has proven profitable. You will need to consider the risk yourself, but it’s our position that allocating a small % of your overall portfolio to Bitcoin will be a profitable investment in the long-term.

Written by

14 years experience across UBS Asset Management, Principal Global Investors and Factset Research Systems. In 2017 I left the centralized system to become a full time crypto-currency trader, researcher and internet publisher.@wolfpackcrypto

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