This idea is valid if and only if these conditions are satisfied:
1. Bitcoin fails to break above the downtrend line
2. Bears take over the BTC market with strong sell volume
3. BTC breaks brown support line (previous resistance since $1,175)
4. BTC returns to blue historical support for a 5th touch
If BTC falls to blue support then DGB has no choice but to embrace capitulation. All of my ideas are posted as an experiment to see how the price behaves. Please do not construe them as investment advice.
Final comments:
This idea makes the assumption that BTC has not finished its ABC correction. Also, I think it is important to keep an open mind regarding price movements. Personally, I am leaning towards a bearish market but I've also considered many bullish scenarios for the sake of remaining objective. In my opinion, it is better to be dynamic when playing this game with respect to a bearish or bullish sentiment. Especially, when the market can go either up or down.
1. Bitcoin fails to break above the downtrend line
2. Bears take over the BTC market with strong sell volume
3. BTC breaks brown support line (previous resistance since $1,175)
4. BTC returns to blue historical support for a 5th touch
If BTC falls to blue support then DGB has no choice but to embrace capitulation. All of my ideas are posted as an experiment to see how the price behaves. Please do not construe them as investment advice.
Final comments:
This idea makes the assumption that BTC has not finished its ABC correction. Also, I think it is important to keep an open mind regarding price movements. Personally, I am leaning towards a bearish market but I've also considered many bullish scenarios for the sake of remaining objective. In my opinion, it is better to be dynamic when playing this game with respect to a bearish or bullish sentiment. Especially, when the market can go either up or down.
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Head & Shoulders formation on DGB USD log chart:
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If this BTC idea plays out then the alts will get slaughtered:
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BTC buy zone based on Fibonacci levels: $4,384 - $1,819
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BTC bullish pennant scenario:
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Questions for your consideration regarding Bitcoin:
