BTC is on a downtrend due to multiple theories and reasons. Every beginning of the year markets dips because the big players in Asia either pull money for the Chinese New Year, taxes, etc. Alongside with the FUD involving Bitfinex & Tether Subpoena and general panic selling we can expect the market to bottom out at the second and have some small positive retracement.
It is up to the market to see how far north it will go. I think it will try to hit the top of the channel again before tapering off and continuing its downward trajectory. We won't really see huge action until end of Feb - Early March.
REMEMBER PEOPLE GET RICH IN BEAR MARKETS NOT BULL MARKETS. its all about market positioning and using the downtime to do your research.
Follow this chart for solid %'s in your trade. My private group has made at least 14% on the short and 18% on the rise. Another 18% on the dip south. 50% Total in 6 days in a bear market. Not too bad.
Consistency is what we need in our trades to be effective and profitable. I will drop another BTC chart when we hit the end of my projected timeline. It will be at that point where I can figure out if we are heading down to $8k or resume a normal growth trajectory. We will not attack ATH for another 1.5-2 months.
ALSO FOR ADDITIONAL PROOF I DREW THIS CHART WELL BEFORE THE MARKET FORMED PLEASE SEE THIS PRIVATE CHART LINK BELOW:
Any questions or concerns feel free to contact me!
Hope you all are well and happy hunting :)
6 days in since I created the TA! Timing and patience is what is required to be a successful trader and investor in any market!
Again, thank you all for the kind private messages. I truly appreciate all of the words and support. Keep it up guys and if you have any questions feel free to drop a comment and a like! That way the community can benefit as a whole.
GL and Happy Hunting.
Again, NBD if price action goes into red. Long term pricing is great. $25-30k BTC will be hit in Q2-Q3.