Bitcoin in log scale, currently sitting on the green line. As seen in the chart typically Bitcoin follows a downtrend towards the green line before bouncing off and breaking out. I will be watching very closely to see if it breaks through the green line or bounces off and a bull market returns.
-Breaks the green line downwards -> I will be shorting Bitcoin with high leverage. Tight stops will be in place incase Bitcoin reverse in order to avoid being liquidated.
-Bounces off the green line upwards -> I will let my current holdings ride.
Bitcoin has been experience a bearish market since early January with multiple swings mostly ranging from high 8k to high 11k. It will be interesting to see where the current situation takes us as we have not seen a break below the green log scale line yet, as well if history repeats, and Bitcoin bounces off the green line we may see Bitcoin hitting upwards of 14-16k very soon.
My prediction: Bitcoin hits a hard reversal off of the low-mid 8k range and we see Bitcoin price appreciate to 14-16k by end of March
-Breaks the green line downwards -> I will be shorting Bitcoin with high leverage. Tight stops will be in place incase Bitcoin reverse in order to avoid being liquidated.
-Bounces off the green line upwards -> I will let my current holdings ride.
Bitcoin has been experience a bearish market since early January with multiple swings mostly ranging from high 8k to high 11k. It will be interesting to see where the current situation takes us as we have not seen a break below the green log scale line yet, as well if history repeats, and Bitcoin bounces off the green line we may see Bitcoin hitting upwards of 14-16k very soon.
My prediction: Bitcoin hits a hard reversal off of the low-mid 8k range and we see Bitcoin price appreciate to 14-16k by end of March