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:
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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!
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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.
The only way the negative price action continues is if there is further news that continues to feed it. One such case we can look towards is the US Government's findings of Cryptocurrency.
Trump had a small % of the military budget to go into research of crypto and government applications. The report is suposed to be completed in Feb. So we are entering the critical point for BTC price action. If the US Gov't discovers shady dealings involving Tether or Bitfinex or any other major exchange/coin it can drive the market further southward.
We can expect a full recovery in about 2 months.