After encountering both the 20Jan17-05Mar18 descending-peak trendline as well as the massive psychological 10k resistance level BTC printed a H&S formation quickly without my even noticing it at the time last night. After which of course we all noticed it cascaded. If the bears really wanted to drive BTC down to this fabled sub 6k range I'd have to say that now would be the foot-in-the-door that they'd need.
I'm waiting for the trend to get re-established before entering back in to anything in this market.
I'm waiting for the trend to get re-established before entering back in to anything in this market.
Comment:
But if that fails, then the 1200 EMA looks to be the next line of defense stopping this Fire Sale.
And just to be clear, no I am not shorting BTC and making profits off the fall. My account is too small. I don't want to see BTC fail I want to make money just like every one of you. That being said, I won't ignore the prospect of getting BTC at a lower cost; it's good for the wallet.