Hello cryptocritters,
BTC has shown some bullish tendencies with the last 24 hours seeing it break out of the descending channel from the $8500. The ETF fomo is starting to wear thin and at this stage only accounts for the rise in BTC dominance but not in organic price rises. Just remember the earliest a decision on the ETF would be early March 2019. BTC is now forming a textbook cup and handle on the 1 hr and is one of the most reliable formations. Therefore I expect it play out and get to at least the 1 to 1 fib ext at around $7000. The next fib zone is also a target but less probable IMO. For the short to medium term sentiment is still bearish. Interesting fact this bear market has fallen around 70%-75% from ATH and if we correlate it to previous years there is another 15 - 20% due to come before a bull reversal. That would get it to the low $5000s. I am in a long position on BTC up to $7k and then back to fiat to wait out the bear market and try and catch the bottom. Please, you need to decide if you are a trader or investor before you take a position or buy in. DYOR and are sure you are prepared of all the possibilities.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
BTC has shown some bullish tendencies with the last 24 hours seeing it break out of the descending channel from the $8500. The ETF fomo is starting to wear thin and at this stage only accounts for the rise in BTC dominance but not in organic price rises. Just remember the earliest a decision on the ETF would be early March 2019. BTC is now forming a textbook cup and handle on the 1 hr and is one of the most reliable formations. Therefore I expect it play out and get to at least the 1 to 1 fib ext at around $7000. The next fib zone is also a target but less probable IMO. For the short to medium term sentiment is still bearish. Interesting fact this bear market has fallen around 70%-75% from ATH and if we correlate it to previous years there is another 15 - 20% due to come before a bull reversal. That would get it to the low $5000s. I am in a long position on BTC up to $7k and then back to fiat to wait out the bear market and try and catch the bottom. Please, you need to decide if you are a trader or investor before you take a position or buy in. DYOR and are sure you are prepared of all the possibilities.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.