Hello!
As you can see from my previous charts, Bitcoin has historically bounced off the 200day MA very strongly. In this case, we have the strong possibility of forming a double-bottom off the 200day MA and potentially bouncing into a HUGE inverse head/shoulders.
After all this sideways movement we've formed a nice support at $10K and once we get back on top of it I can see us pushing further upwards. RSI is getting low on the daily chart indicating a good point for the bulls to re-enter after this bad news.
Although my outlook is optimistic, understand there is always potential for significantly large losses. Invest with caution.
Remember to zoom out sometimes on your charts and see how insignificant some of these "huge" losses can be after tremendous gains.
As you can see from my previous charts, Bitcoin has historically bounced off the 200day MA very strongly. In this case, we have the strong possibility of forming a double-bottom off the 200day MA and potentially bouncing into a HUGE inverse head/shoulders.
After all this sideways movement we've formed a nice support at $10K and once we get back on top of it I can see us pushing further upwards. RSI is getting low on the daily chart indicating a good point for the bulls to re-enter after this bad news.
Although my outlook is optimistic, understand there is always potential for significantly large losses. Invest with caution.
Remember to zoom out sometimes on your charts and see how insignificant some of these "huge" losses can be after tremendous gains.