It's days like today I find that I am having to remind people what to overall long term trend looks like.
Bitcoin is still bullish as it remains in my BLACK BULL CHANNEL. This BULL CHANNEL is nothing to sneeze at. It has remained intact since early May. You'll remember that it broke below this preceding the last fork. Only when we dipped below the bottom of my channel AND CONFIRMED by opening a new candle below this trendline on the daily did I become bearish. And, until I see these activities/indicators on my chart again, I will remain a bull.
Although I was stopped out of my previous trade, I will continue to re-position myself back into the market until the bottom of my BLACK CHANNEL is broken ...if that happens. We will know soon. The CHANNEL BOTTOM is holding thus far and I remain a bull.
More updates to come as the China news unfolds and is digested by this market.
Until then stay rational my trading partners. The trend is still your friend.
Bitcoin is still bullish as it remains in my BLACK BULL CHANNEL. This BULL CHANNEL is nothing to sneeze at. It has remained intact since early May. You'll remember that it broke below this preceding the last fork. Only when we dipped below the bottom of my channel AND CONFIRMED by opening a new candle below this trendline on the daily did I become bearish. And, until I see these activities/indicators on my chart again, I will remain a bull.
Although I was stopped out of my previous trade, I will continue to re-position myself back into the market until the bottom of my BLACK CHANNEL is broken ...if that happens. We will know soon. The CHANNEL BOTTOM is holding thus far and I remain a bull.
More updates to come as the China news unfolds and is digested by this market.
Until then stay rational my trading partners. The trend is still your friend.
Comment:
Confirmation achieved. Once again Bitcoin has dropped below our bull channel. I personally, am in mostly cash at this point. I may only look to re-enter a small portion of my deposits once we come down to the red ascending TL which you'll see in the chart above. Currently, that sits at $2800.
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
