If we don't reach above 53000 in the next few hours and start moving down, we might be moving into a quicker down channel. You might think why am I avoiding a bulge going through it, it is because of the Elon Musk tweet that had happend there, if we ignore it we can see a line continue through it going down. And the downtrend of this will have a target between 47000- 44400usd as it lowest before we be able to move up again hitting a growth line from not the previous cycle but before it.
The reason why we are moving towards that line is that the previous large dip we started to go up far too early and now are correcting for it, before we can really see a move up.
The reason why we are moving towards that line is that the previous large dip we started to go up far too early and now are correcting for it, before we can really see a move up.
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Another reason I think the quicker downtrend more possible is that 31st of march are many big updates coming for many crypto. So likely hit a low on 29th or 30th and start to bounce back up on 31st. Which aligns very wel with the blue down channel. However on cipher last night and today can see a good amount of money inflow pushing BTC up, however it not sure how long they could keep this up.
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The move down wont be some crazy free fall, but several up and down moves, which you would be able to pick up some good profit selling at the high points touching the tops of the lines. I will set stop losses so if the prices go down I would still be able to buy them back for a nicer lower price.
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It is now trailing around the top blue line and moving down slowly at the same speed as the line, so very likely will still follow the down trend. There is also a. huge build up of limit orders on 51500,51000 and 50500 so very likely it move there still later today.
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So the current uptrend is following the yellow line under this image which is the support of this up trend, but when it break under it, we then would know it to be heading south again.
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Now its interesting which of the yellow line it breaks through is the direction we will be going either up or down