Continuing to look at the recent trend of bitcoin, we could see that the downtrend channel that was forming around 8k was broken tree times, but the price returned back to it. Recently though with the fact that the price dropped to the crucial level of 6k, it is harder and harder to keep it falling with such a fast speed, and the actual trend is indicated by a blue arrow. Also, a clear falling wedge is formed recently, and that "clearness" is what should bother. The price touched the bottom of the wedge three times and every time with a huge volume spike, indicating the easiness of liquidating shorts, which are now so high. The longs are in contrary dropped a lot. The panic was not enough to push the price lower 6k, but the major goal at this time was altcoins, which dropped to the next to nothing levels.
Let's look at the wedge evolution, but from that point, I would estimate the chance for the market of going up much more than two-three days ago, so if I would trade this situation, I would go long with 30%+ of the traded fund.
Let's look at the wedge evolution, but from that point, I would estimate the chance for the market of going up much more than two-three days ago, so if I would trade this situation, I would go long with 30%+ of the traded fund.
Comment:
Haven't seen such a steady gradual growth without "Bat-Simpson's-moves" for a while. Either it is a new trick, or there will be a strong price move very soon.