svinthe

Brace Thyself for the Bears | Bitcoin to go UNDER, then OVER

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
From the dotted green channel, we can see that we might be headed to drop under $6500. If we touch but don't break the long-term red support line, a bullish reversal is all but guaranteed, else we must prepare to plunge to further lows. I'm long-term bullish on bitcoin             for 2018, but before 30k, 50k, 100k, and 240k valuations, bitcoin             must test its long-term support.

On Feb 6th             , we just barely touched $6000 but didn't come close to testing support on the red line, so if we want to touch 30k by April, we need to make sure we get it right this time, and really DIP. None of that pansy to-dip-or-not-to-dip business we saw last time.

Since bitcoin             loves to drag the entire market (kicking and screaming, or otherwise) wherever it goes, prepare to short and/or HODL your coins! If we do have our bullish reversal, this might be our last big opportunity to pick up cheap currencies for months.

Trading-lesson-learnt-the-hard-way: "FOMOing into trades is a leading cause of depression and insomnia."
Comment: Testing resistance on the green dotted line. If we open and close outside it, we might be looking to test resistance around 12k soon after.
Comment: Next major resistance at 11.8k, prepare to welcome the multi-month bulls if we have a firm closing over the blue line.
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