JJMa

Downtrend confirmed on BTC, New Long Accumulation Pattern

Long
COINBASE:BTCUSD   Bitcoin
BTC stopped hard at 9000k, price has now been rejected heavily at 8800K, so new downtrend has emerged. Further price action will influence your strategy. For now, buying in the green zone, for long term accumulation until price breaks up again would be my strategy. This setup would only be good for short term leveraged positions, with an emphasis on tight stops and ready to get out at rejections of the topside channel. Shorting after each rejection if you are inclined. Also of interest is the 200 period MA in yellow, which I would expect to hold and an ideal buy if sellers get ambitious. This would be an ideal strategy for long term accumulation in Dollar Cost Averaging in preparation for a break to the upside if and when it occurs.

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