So what is going on with Bitcoin at the moment? People are still freaking out because the price is dropping, yet we're still up so much this year. You can't expect BTC to rise indefinitely do you? It's good we get a correction so we can continue our steep climb.
What people seem to forget that the more price action we get upwards, the bigger fluctuations we get. Luckily we are still in a STEEP uptrend channel . Check the left chart, the green lines indicate which channel we are in.
But that's not what is interesting to me, the most interesting part is that every 60 days we come down to long term support and go up again. Each 60 days starts a new cycle, guess where we are now? We're are nearing the end of the 60 day period, kinda fitting that new year is just around the corner.
Right now BTC is forming an ascending triangle , looking at a daily timeframe , it looks like a bearish pennant , which would confirm the downtrend down to support and complete the 60 day cycle. But then again, BTC is irrational and purely fueled by hype so we could see a breakout upwards towards new ATHs.
What I'm trying to say, everything that is happening is NORMAL. We can still drop down to 10K and be in the bigest uptrend you have ever seen. As for trading alts, I would stay very cautious and keep my eye on BTC all the time.
What people seem to forget that the more price action we get upwards, the bigger fluctuations we get. Luckily we are still in a STEEP uptrend channel . Check the left chart, the green lines indicate which channel we are in.
But that's not what is interesting to me, the most interesting part is that every 60 days we come down to long term support and go up again. Each 60 days starts a new cycle, guess where we are now? We're are nearing the end of the 60 day period, kinda fitting that new year is just around the corner.
Right now BTC is forming an ascending triangle , looking at a daily timeframe , it looks like a bearish pennant , which would confirm the downtrend down to support and complete the 60 day cycle. But then again, BTC is irrational and purely fueled by hype so we could see a breakout upwards towards new ATHs.
What I'm trying to say, everything that is happening is NORMAL. We can still drop down to 10K and be in the bigest uptrend you have ever seen. As for trading alts, I would stay very cautious and keep my eye on BTC all the time.
Comment:
BTC keeps dropping and I wouldn't be surprised if we touch the support. That's what I want to be honest because then we would complete another cycle and we could start going back up once again.
Comment:
We have now reached the end of the cycle and we're sitting at trend support. If this doesn't hold we are going back to 8K I think.