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BTC/USD BUY (LONG POSITION) for COINBASE:BTCUSD by Harrison556

Trade Execution – BTC /USD – LONG position

My goal is to hold this trade for several weeks, maybe months. Depending on the fundamentals and technical indications.

Technical analysis
Bitcoin seems to be once again in a steady uptrend, it has been in this uptrend since 26/07/21-31/08/21. BTC /USD has also been in a overall uptrend since 2016, this shows me it is an overall long-term bulls market. I will only ever look for buys as that is the correct direction of this pair.

On higher time frames such as 4H+, price is above 200MA showing me we are in a uptrend. Bearing this in mind on the smaller time frame such as H1, price is slowly approaching the 50EMA and the 200MA. This is telling me price is building up pressure and more buyers for another launch to new highs. I personally will be waiting until price crosses the H1 200MA and 50EMA for a confirmation on my trade.

Fundamental analysis

I am more intrigued in the fundamental side of this trade. From my experience with crypto, when things start to seem positive, it normally does follow with a lot of buys and momentum. From what I can see, all looks good for bitcoin . Price has stopped dropping from panic sellers and people are looking more for buys than to sell. I can tell this as people in general won’t want to “Miss out” this time on the surging price. Bitcoin tends to build up momentum when people on social media start to broadcast about it ext . This courses a lot of retail buyers to jump on the train. Experts still see the price of bitcoin in the long run going to $100,000+, and I agree with them. The thing with bitcoin is there is now trust in the project, major banks and people have invested and trust the working process of it. Which tells investors to at least look into it as a possible safe pot for there money.

We have a lot of positive news surrounding bitcoin , there are talks of major companies such as only fans possibly taking payment through it, and many more.

I have done some fundamental and technical analysis on DXY which is showing me that in the short term we could see some weakness as the delta variant is rapidly spreading throughout America, thus the holt of economic growth. People are holding back on spending and traveling which is coursing a halt in the economy. This may turn some investors to look at bitcoin as a possible short term investment while the dollar is seeming more risky at this current point in time.

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