BTC "The King" May Correct Following Historical FUD Patterns... for BITSTAMP:BTCUSD by Benjiman7953

trendanalysis harmonicpatterns chartpattern btcusd btc btcusdt btcusdshort fud korea china warrenbuffet

While everybody is sure that the bleeding has stopped following the FUD news in the media, I am taking a further look back in history where we have seen these cards play out before. Now, before you consider that I am hoping Bitcoin to fall, I simply am not. Bitcoin has had a MASSIVE bull run over the year, particularly in Dec-17, and there has been many "healthy corrections" that have followed - this isn't something new! Overall, I am very bullish that Bitcoin will reach ATH soon over this year and we have not entered a Bear Market. But, what I am speculating is that BTC has broken out of its uptrend channel and is looking rather fragile. At the same time, altcoin markets have had a lot of coin pumped into it, and there are very few undervalued cryptos out on the market IMO.

So, with the fact that we are beginning to get alot of FUD news thrown the past week, along with today's bleed, I am looking at the 50, 100, and 200 Day Moving Averages to be sure (incase of a bad scenario). At the moment we are sitting on the 50 Day. Should there be more unwarranted news then I believe the 100 Day will be our most likely case, following a very quick bounce up. In a very unlikely case, the 200 Day perfectly aligns with the last dips we have had with the recent two cycles (shown in the blue trendline). Ultimately, I would see that it depends now whether we close the Day above or below the 50 Day.

What are your thoughts? Are you bullish Bitcoin and Altcoins will continue to break new highs? Is there any FUD news you think could swing the price of Bitcoin? Are there more precise indicators that show bullish signals? Let me know in the comments below.

PLEASE NOTE: Consider all trades with caution and only invest what you can afford to lose as cryptocurrency is highly unpredictable. Take profits and Invest in yourself. You can afford it, trust me. This is not Investment advice!

SOURCE:

Namaste!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.