Bitcoin will attempt to break out soon. Good time to buy?
It looks like a breakout attempt from the mid-term downtrend is incoming on bitcoin, and if this will be successful an up-leg and a test of the greater resistance at around 9k is very likely in my opinion, if not the large scale breakout back up to the 12k-14k area.
On the other hand, that downtrend that we fell into is a very parabolic looking downtrend, and I would not be very surprised if the incoming breakout attempt will be a fake break and then BTC will immediately dump to the 6k-4.5k area, at which point I would consider it more likely than ever to meet its ultimate bottom before additional all time highs.
What can we conclude from this?
I'm definitely putting money on bitcoin already, but i still use most of it for buying BTC itself and not on for opening margin trades.
On the other hand, that downtrend that we fell into is a very parabolic looking downtrend, and I would not be very surprised if the incoming breakout attempt will be a fake break and then BTC will immediately dump to the 6k-4.5k area, at which point I would consider it more likely than ever to meet its ultimate bottom before additional all time highs.
What can we conclude from this?
I'm definitely putting money on bitcoin already, but i still use most of it for buying BTC itself and not on for opening margin trades.
Comment:
Boy did i guess that right or what?