Hi guys,
Time to just sit back, relax and waiting for a good direction.
Previous trend
Bullish trend started medio of November '17 and ended medio December '17 with an All Time High of $19,666.
Retracement
Since All time high retraced ~70% to $9,400 - 9,600.
Current Resistance
N/A, no clear sign of resistance testing. Short term trend is bearish.
Currect support
For short time ~$9,500 is being tested, touched ~3times. Will this hold?
Expectation
To understand the bigger picture, look at the daily chart. Currectly the short term trend is still bearish, secundairy trend is bearish and even there is a possibility that the primary trend could reverse from bullish to bearish.
Based on primary trend it is retraced for ~70% since All Time High. If this support holds, which is just based on the long term retracement and being tested, than BTC is normalised and will continue its primary bullish trend.
If this support doesn't hold, where going to take a deep bath and all wins will be gone. Primary trend will reverse from bullish to bearish.
So for now, just sit back and relax!
What do you think?
Time to just sit back, relax and waiting for a good direction.
Previous trend
Bullish trend started medio of November '17 and ended medio December '17 with an All Time High of $19,666.
Retracement
Since All time high retraced ~70% to $9,400 - 9,600.
Current Resistance
N/A, no clear sign of resistance testing. Short term trend is bearish.
Currect support
For short time ~$9,500 is being tested, touched ~3times. Will this hold?
Expectation
To understand the bigger picture, look at the daily chart. Currectly the short term trend is still bearish, secundairy trend is bearish and even there is a possibility that the primary trend could reverse from bullish to bearish.
Based on primary trend it is retraced for ~70% since All Time High. If this support holds, which is just based on the long term retracement and being tested, than BTC is normalised and will continue its primary bullish trend.
If this support doesn't hold, where going to take a deep bath and all wins will be gone. Primary trend will reverse from bullish to bearish.
So for now, just sit back and relax!
What do you think?