A lot of people talking about Bitcoin Inverse Head and Shoulders bottom here, I don't think it is. This current cycle in bitcoin will be longer than the last cycle which was longer than the one before that. We have a small data set to work off of because bitcoin is only ~10 years old, but if, and big IF, history repeats I expect this cycle to take longer than the first two cycles. A double bottom for bitcoin at $6400 would be a MASSIVE bear trap, as most would be thinking the $5,000 level is imminent, and many retail longs would be following twitter waiting for the $5,000 level to buy. If the chart ended up playing out like this than in my view this would look extremely bullish, massive flag from the $14k top in June '19 then double bottom test of the flag bottom at $6400 tapping that big volume area at $6400.
Personally, my plan is that I want to hold some cash to be able to buy this bottom. I will hold some spot as I don't feel comfortable trading with leverage yet and don't want to remove my exposure to the market, and I will increase my cash positions by taking some profits from my December buys as well as stacking some cash from my job. I think by Fall 2020 we are in full blown bull market and the accumulation is over. Probably test ATH by June 2021.
This should not be taken as financial advice and is a log of my trading progress, and should be viewed as for educational purposes only.
Good luck to all traders out there!
Personally, my plan is that I want to hold some cash to be able to buy this bottom. I will hold some spot as I don't feel comfortable trading with leverage yet and don't want to remove my exposure to the market, and I will increase my cash positions by taking some profits from my December buys as well as stacking some cash from my job. I think by Fall 2020 we are in full blown bull market and the accumulation is over. Probably test ATH by June 2021.
This should not be taken as financial advice and is a log of my trading progress, and should be viewed as for educational purposes only.
Good luck to all traders out there!
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