While all you micro bulls and bears are busy getting chopped around in the 1 minute time frame, let's take a look at the bigger picture.
Bitcoin has seen many tumbles, and scary prices lately, but one thing is for sure is that we're closing this month (march) forming a double bottom base. Does this mean we wont see any lower, no. What it means is by this monthly candle closing again above the support that was gained to give the high there is a good chance we've found some solid ground. The level highlighted ($7800's) in particular is what was gained to give the boost up to the current all time high. Which is why there has been a lot of buying since the low of $6k was set.
It would be nice to see a pop from this area though, on the daily we're coming into a pretty big level of support, although we're sill a little bearish in the smaller time frames... Closing this monthly candle above $8500 would be good for bulls.
Regardless, for those of you who think you missed the boat on your longs there is a good chance that now could be your second chance.
And for those of you who bought near the end of 2017, there's still hope for you!
The only thing that really matters is we can't lose $5300's, or there's a good chance we'll see $2000's
We will do our best to keep you updated on www.btcnn.com
Bitcoin has seen many tumbles, and scary prices lately, but one thing is for sure is that we're closing this month (march) forming a double bottom base. Does this mean we wont see any lower, no. What it means is by this monthly candle closing again above the support that was gained to give the high there is a good chance we've found some solid ground. The level highlighted ($7800's) in particular is what was gained to give the boost up to the current all time high. Which is why there has been a lot of buying since the low of $6k was set.
It would be nice to see a pop from this area though, on the daily we're coming into a pretty big level of support, although we're sill a little bearish in the smaller time frames... Closing this monthly candle above $8500 would be good for bulls.
Regardless, for those of you who think you missed the boat on your longs there is a good chance that now could be your second chance.
And for those of you who bought near the end of 2017, there's still hope for you!
The only thing that really matters is we can't lose $5300's, or there's a good chance we'll see $2000's
We will do our best to keep you updated on www.btcnn.com
Comment:
For the record: I'm using the weekly timeframe to talk about the end of the month.