Bitcoin is stuck in another horizontal pattern just like the one prior to the move below 6k where Today was the same as Yesterday for about four months. If we take 24th of June as the start of the low volatility for the previous horizontal action, back then it took 140 days of fake hopes for both upside
and downside volatility on each spike and then nothing happens and price returns to where it began the move. Same thing is what I see now which gives us end of April or May as the period to expect bigger moves.
The main downtrending channel is NOT derived from a simple trend-line as I don't use trend-lines BUT it does have the same angle. The problem is it has already been hit 3 times and is OBVIOUS. Anything that is obvious is not good for trading. I would give it
the benefit of the doubt for 1 more very shallow rejection before the price stops respecting it. Currently it is in the 4.2 area, by 1st of April it will be 3895$(Bitstamp price).
The shorter term blue uptrending channel is weakly pushing the price to the upside. I would give it a bit more respect than the downtrending slope and will look for resistance using the same angle of the slope extending it from the last top(currently 4250$).
The price behavior of Bitcoin is clear though - Consolidations are followed by big moves to the downside. And I have to expect the same behavior to continue until there is any other indication on the chart to disprove it. So the end of April, May, maybe June
the big volatility move should be to the downside. So I will have to mark the Investment Strategy as SHORT.
TRIFRACT
and downside volatility on each spike and then nothing happens and price returns to where it began the move. Same thing is what I see now which gives us end of April or May as the period to expect bigger moves.
The main downtrending channel is NOT derived from a simple trend-line as I don't use trend-lines BUT it does have the same angle. The problem is it has already been hit 3 times and is OBVIOUS. Anything that is obvious is not good for trading. I would give it
the benefit of the doubt for 1 more very shallow rejection before the price stops respecting it. Currently it is in the 4.2 area, by 1st of April it will be 3895$(Bitstamp price).
The shorter term blue uptrending channel is weakly pushing the price to the upside. I would give it a bit more respect than the downtrending slope and will look for resistance using the same angle of the slope extending it from the last top(currently 4250$).
The price behavior of Bitcoin is clear though - Consolidations are followed by big moves to the downside. And I have to expect the same behavior to continue until there is any other indication on the chart to disprove it. So the end of April, May, maybe June
the big volatility move should be to the downside. So I will have to mark the Investment Strategy as SHORT.
TRIFRACT