BullGK
BullGK 3 minutes reading from Bitcoin

H4 700SMA on H4/2018? H4700SMA for Long-Term

High historical strike rate combined with sitting in a very interesting spot for the H4 700SMA on BTC

Note how on flips, it has signalled less sideways chop and most of the wider directional move taking flight

How I'll be looking to use it this time:

1/3: Flip it to support here will give max conviction for the run to 26k next, will be stubborn with TPs on existing positions

First time BTC has touched it in 6 months & some of the best moves (after the flip) have come when price hadn't touched it for awhile

2/3: Anything like what we saw back in April (fakeout above + failure to hold) will give me a much more bearish view on BTC

Would think 18k at a minimum is extremely likely & possibly lows next, if for example we run 22.8k and then slip back down below

3/3: While BTC simply continues to sit below, remain patient in existing positioning in-line with recent weekly thoughts but get cautious/will look to use as (LTF) short scalp confluence on more brief runs/fakeouts of the 21k highs

H4 700sma isn't just any moving average either, has been one of the highest historical strike rates I've come across on BTC - worth paying attention to

Shout out to @Yodaskk - started tracking/using it for confluence after seeing him mention & show this back in 2021 🤝

This post is based on this twitter thread.

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