More headlines, this time from India, helped to fuel the Bears mangling of BTC -8.85% and they appear to have the upper hand for the near future.
We were hoping to see the bottom of the triangle (long term bull support) formation hold, but were aware that momentum favored the Bears and suggested stops under the 9590 Triangle formation support line....and yes, I was stopped out on my BTC -8.85% position.
I bought about 25% of my position back around 8600 and had buy orders around 8250 for another 25% that were not filled and have buy orders in the mid 7K & down through 5K area as well.
If the market pops back up, I will be happy to buy back in, but feel the BTC -8.85% Market is still being ruled by the Bears and suspect that I will get a chance to buy my BTC -8.85% back at lower levels.
How low, time will tell.
I expect the majority of the drama is done and could see a more subdued side ways to lower market activity in the coming weeks.
We drew a new channel line on the BTCUSD -8.85% chart to compliment what was the top of the and it shows that the market could continue to trade lower to side ways until end of February, early March.The Bulls will take some time to be able to manage any upside momentum, especially if we continue to get FUD from every angle.
R5 - 13790 (Top of )
R4 - 12790
R3 - 11500-11600
R2 - 10880
R1 - 9630
Current price = 9000
S1 - 8300-8250
S2 - 7773 (200 DMA)
S3 - 7500-7450
** This Is not professional investing advice, this is purely for educational purposes. Please do your own research. **