BTC closed on the 5th of May with an engulfing candle. Bitcoin won that day, but only just. Also price action currently remains within a larger ascending channel, two touches to the top so far and two touches to the bottom. A third touch of either may well be the break this time. Price action is still trying to move to the upside, for me, the bulls have it at the moment. I think it could test ATH on this run.
But...You will see my ascending line in red which is current price action support. If it breaks this convincingly then we may well look at a visit to the 50K region.
My immediate area of interest on this chart is the red ascending line, I am keen to see what develops there if we get another touch on it.
I'm not in a trade. I'm watching and HODL. But, I am bullish and will commit to being long.
You miss the head and shoulders top in this chart.
iDoji
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@Regynald, I get where you're going with that. I personally like to see the H&S more clearly defined. I checked your chart out. I appreciate the comment. Cheers!
Regynald
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@iDoji, Yeap, you're right... still a long way to go before the H&S is formed on my idea. Big sell wall at 58K and erratic market sentiment I feel we are going to get another correction. I was more concerned with the bounce off the lower ascending channel line which turned resistance. I like your idea, but I would like to see more than 2 points to confirm the red line as a trend. I think it will break the red line and head lower. Defo long term bullish on BTC regardless... i'd like to see a deep short dip into the 40's and then power on from there.
@Regynald, Hiya, it certainly did. I have thought of your idea more than once. Kudos to you. All will be well... A huge amount of traders rekt. I'm ok & trust you are too.
Regynald
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@iDoji, Hey mate... Trust me i'd rather not have the Kudos :) All will be well... I expect now 6 months of sideways action. I have a friend who had really conservative longs, all accounts liquidated by that crazy dip into the 20's. I am not rekt, my investment positions are back around their buy price but I did lose a couple of leverage positions. Maybe I should believe my own chart analysis next time :) Take it easy mate!
iDoji
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@Regynald, An amazing level of FUD hit us as well, Musk, China etc. Arguably that simply hastened what the T/A was indicating. Back to the H&S. I saw a few 'good chartists' pick this out well after you mentioned it so I believe you have an edge there. I will be happy to keep in touch with you.
I traded the KSM bounces today. I have been extremely fortunate, portfolio is down but mitigated with 6 strong trades on KSM.
Added Theta as well at $6.00. Looked a great deal....For now...
Cheers geezer, good catching up with you.
Regynald
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@iDoji, Cheers mate... the fud was insane... a perfect storm. Elon is the most hated man in Crypto. I am now a follower of ya ;). I have decided to hold for now and hope BTC gets back above 40K and ill be bullish again. Quite the shakeout for sure... a good time to invest more and make money. I need to be conservative for a bit however. Don't want to increase the mortgage lol ;)
iDoji
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@Regynald, Hopefully the next cycle takes us well beyond the ATH. And, that my friend will sort the mortgage out. Let's get it! Chat soon...