Hey everyone! I have noticed that while the alts have been rebounding since the last Bitcoin dip, Bitcoin has not rebounded. In fact, it appears very weak and looks ready to plunge again (see Bitcoin - Why Its Retracement Levels Matter).
In addition to the bearish sentiment and trend in Bitcoin , I spotted a key trend line that has been sending the price of Bitcoin tumbling on more than one occasion (at least 4x). The price on the daily chart is currently on that trend line right now! And while alts are spiking, this IS NOT the time to get euphoric and carefree with alts and it should be the time you are most vigilant in how Bitcoin will react to this trend. If anything I feel the alts spiking is just blinding traders to how weak Bitcoin really is. And this could a most unpleasant oversight if Bitcoin breaks to the downside. If it happens, I will be looking to see support around the $2800-3200 levels (11-21% loss) depending on what exchange you use. If this level breaks, the $1800-2000 (~44-50% loss) levels come into play. That is a huge downside and we all know it can happen fast. If Bitcoin breaks this trend to the upside, I think that will be a strong indicator the bulls are ready to take control from the bears. However, the trend is still negative and until I see higher highs indicating reversal, I will stay with that sentiment. BE CAUTIOUS! I am completely in fiat until I know which direction Bitcoin is heading.
In addition to the bearish sentiment and trend in Bitcoin , I spotted a key trend line that has been sending the price of Bitcoin tumbling on more than one occasion (at least 4x). The price on the daily chart is currently on that trend line right now! And while alts are spiking, this IS NOT the time to get euphoric and carefree with alts and it should be the time you are most vigilant in how Bitcoin will react to this trend. If anything I feel the alts spiking is just blinding traders to how weak Bitcoin really is. And this could a most unpleasant oversight if Bitcoin breaks to the downside. If it happens, I will be looking to see support around the $2800-3200 levels (11-21% loss) depending on what exchange you use. If this level breaks, the $1800-2000 (~44-50% loss) levels come into play. That is a huge downside and we all know it can happen fast. If Bitcoin breaks this trend to the upside, I think that will be a strong indicator the bulls are ready to take control from the bears. However, the trend is still negative and until I see higher highs indicating reversal, I will stay with that sentiment. BE CAUTIOUS! I am completely in fiat until I know which direction Bitcoin is heading.
Comment:
