orbsatchel
Short

BTC The only line that matters

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The line going from upper left to lower right is the downtrend line. Keep it simple. We closed under the downtrend line and if that line becomes resistance then look to the lower horizontal lines for target support. I do not think we ill see 3 or 4k. BUT 7,300 looks real from here. I hope BTC takes off from now and all HODL'rs do not have to go through the pain. I am in cash after getting the death of a thousand cuts from getting stopped out and round tripped for about 13% of my total money in alt coins. I did however put a sell order at resistance and get out and when I buy back in I will get my 13% and then some. Don't panic. Sell rallies and only buy on weakness. We are in bear country for now.

TA is to determine trend first and foremost. Don't let emotions tell you we should be doing something else when we are in fact heading lower. I have no idea how long we will go lower. When I see high volume an way oversold conditions I will hop back in.
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