Keep it Simple. Bottom: 6700-6000 range.
Technicals:
I've seen countless "complex" TA for the past month surrounding bitcoin, everything from around "crystal ball" predictions or using imperfect ratios with harmonic patterns to predict a fall down to the 3-4k levels. The most powerful tool in a trader's arsenal is always the most simple one: trend lines.
Most traders have failed to plot the simple upwards sloping trend line, which traces all the way back to September. As we can see, bitcoin has respected the support line throughout the correction. I don't see why the probability of bitcoin respecting this trend line would fall now. I will be setting up buy orders in this range to cost average for a long term position. Remember, bull runs just like crashes always start when least expected.
Fundamentals:
The Bitcoin Consensus Conference is coming up May 14th, which lines up with the bottom and a potential run up in May. Last year's iconic bull run in May, also started in the run-up to this highly anticipated conference.
Goes without saying, this is not financial advise. Please do your own research.
Technicals:
I've seen countless "complex" TA for the past month surrounding bitcoin, everything from around "crystal ball" predictions or using imperfect ratios with harmonic patterns to predict a fall down to the 3-4k levels. The most powerful tool in a trader's arsenal is always the most simple one: trend lines.
Most traders have failed to plot the simple upwards sloping trend line, which traces all the way back to September. As we can see, bitcoin has respected the support line throughout the correction. I don't see why the probability of bitcoin respecting this trend line would fall now. I will be setting up buy orders in this range to cost average for a long term position. Remember, bull runs just like crashes always start when least expected.
Fundamentals:
The Bitcoin Consensus Conference is coming up May 14th, which lines up with the bottom and a potential run up in May. Last year's iconic bull run in May, also started in the run-up to this highly anticipated conference.
Goes without saying, this is not financial advise. Please do your own research.
Comment:
Price is still respecting our simple support trend line.
Comment:
ETH/USD has also almost bottomed out. This support line traces all the way back to May 2017.
ETH/USD has also almost bottomed out. This support line traces all the way back to May 2017.
Comment:
Price is struggling to break up frrom the downtrend line. Also the EMA 200 is also right above the downtrend line right now. Nonetheless, I am fairly certain that our uptrend support line will hold and we can expect prices to break up before May
Comment:
Gradually breaking up the downtrend line.
Gradually breaking up the downtrend line.
