BTC is bullish longterm. If you don't believe that, stop reading now. This rising channel is large yes, but consistent nonetheless. When we went parabolic back in January during all the news hype and influx of a larger population we broke out of the channel and BTC was oversold. The correction we had was healthy and brought us back down to earth and back down to our regularly schedule programming. Mt. Gox FUD aside, we are approaching the lower end of the rising channel and will soon be done with this temporary bear market. If it manages to fall below the rising channel, have your fiat prepared.
*This is not financial advice. Invest in crypto at your own risk. Don't listen to strangers on the internet*
*This is not financial advice. Invest in crypto at your own risk. Don't listen to strangers on the internet*
Trade active:
Very significant resistances being tested here. Should have a clear indication on price action by the end of the next candle closing
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Large red candle as we approach the bottom of our rising channel trend line. No surprise there as the closing candle yesterday was an obvious doji. Watch closely as we move in closer to that 8000-8250 range. At times like these, I am reminded of the timeless saying "Be fearful when others are greedy and greedy when others are fearful." That being said, we still have to make smart decisions and manage our risk. Good luck out there!
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We are now in the "zone of sadness" as most like to view it, but I prefer to look at it as an opportunity. This is a great time for some reflection on what has been going on in the market lately to cause this kind of dump. DYOR and watch for a clear reversal of this down trend if you have poor risk management.
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Man! We are really riding that bottom line in the rising channel. Gonna have to have some pretty serious buying power in the next couple of days to get us out of this bear market. March madness in crypto who knew!
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Never a dull moment in this space! If we are not back in the rising channel that I have indicated above by mid April I will consider it invalid. Until then, focus on your long positions and building a strong portfolio.
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BTC has about another week to get back into the channel, after that this long term rising channel starts to look a little flat.
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While making ATH's BTC spent roughly 49 days on the outside of this rising channel. So far, we have been out of (below) the channel for 38 days. What does this mean you may ask? I don't know.
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Official statement: Closing this if we're not back in the channel by May 1st.
Trade closed manually