BTC trying to find support here on the confluence of horizontal level and long-term bull trendline, on massive fear. It's interesting how they produce so much fear near support levels. The bigger picture: Trend still bull, BTC Still the following fractal that pointing to the much higher prices.
Very good post - bull market support line and horizontal critical levels and a bit of market psychology
antonio-schmidt
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Great post, very nice and clear chart! Although I think it has a good chance to break the support this time, by March 2022. I'd suggest to wait for confirmation if you want to trade long from here.
AjnoudaSikret
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@antonio-schmidt, Yes, there is always a chance, but considering the fear in the market of the newcomers, who bought the top, and selling here at the support, the path of max pain is at least bounce for them now. After that, I guess makers can overtake previous low, to screw the veterans and hunt for liquidity below support. What would you consider a confirmation in this case anyway?
antonio-schmidt
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@AjnoudaSikret, As I am expecting a dump because of the global market situation (where riskier assets are all expected to dump), and to change in this trend to at least June-July this year, I'd say breaking up from the parallel down channel and sustaining growth through the first rate hikes would be a confirmation to me that I was wrong. In the down direction, breaking down and holding below 39600, maybe re-testing the support (turned to resistance) would be a confirmation.
AjnoudaSikret
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@antonio-schmidt, No, I meant, what would you consider confirmation in a LONG case?
antonio-schmidt
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@AjnoudaSikret, "I'd say breaking up from the parallel down channel and sustaining growth through the first rate hikes would be a confirmation to me that I was wrong." I'd wait for this before going long on btc
antonio-schmidt
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@antonio-schmidt, But I don't trade for short terms, I usually only long when I see sustained growth for at least half a year.