Pending SELL on Bitcoin—should you sell?

Hey Market Snipers!

Today, Bitcoin dropped below $65K, posting a big red “Sell” signal on the Sharp Shooter indicator. So, should you sell??

Trading is always a big decision, but we got your back! Here’s a few thoughts for you.

Bitcoin Daily Chart with a Pending Sell Signal

1. Weekly and Monthly Bitcoin Charts are Still Ultra Bullish

Just two days ago, we were celebrating Bitcoin closing the week above $70K— the highest weekly close ever.

Bitcoin weekly chart with the highest close ever above $70K!!!

On the same day, we also celebrated the highest MONTHLY close ever above $70K!

Bitcoin monthly chart with the highest close ever above $70K!!!

On Sunday, Jesse posted on his Twitter:

“This #Bitcoin monthly RSI chart suggests that we could continue to see a strong uptrend for another 3-5 months. (April, May, June/July/August).”

Bitcoin monthly RSI chart show there’s more room for bitcoin to run.

2. However, there will be pullbacks along the way.

Even though bitcoin is very bullish, it will still have pullbacks. And that’s what’s happening now. Bitcoin’s price is trading up-and-down in a range before its next move.

Jesse posted this chart today in the discord of bitcoin price ranging. If price breaks below the uptrend diagonal, then it might start hitting lower targets. These initial targets go as deep as ~$50K.

3. Given the ultra-bullish weekly and monthly charts, we’re looking for buy-the-dip opportunities.

Since the momentum is still bullish, price is more likely to recover quickly to the upside, so our plan is to look for opportunities to buy-the-dip.

For instance, one buy-the-dip opportunity came on the 8-hour chart on March 20, when the Sharp Shooter indicator printed a reversal candle and RSI broke its downtrend.

Bitcoin 8-hour chart

Jesse went into even more depth in the livestream today:

Wondering how you can learn to buy-the-dip?

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Disclaimer

The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational & entertainment purposes only.

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