Traders, Bitcoin has broken the lower trendline of the rising wedge and tested it already Targets now around 40.000 - 42000 USD which is also horizontal support. It would be very good to board new traders at these levels who missed the boat to the last all time high. Then we can all join a new ride to 80.000 +
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The long term view of Bitcoin is however very bullish. If you look at the D and W timeframe that is very clear. There are predictions of 150.000 to 300.000 by the end of this year and I think it is very well possible. Nobody would believe a year ago that BTC would hit 60.000 USD so surprise, surprise :-)
Trade active
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To go long in case of a counter move and a short ride up I would first like to see a good volume spike and a positive divergence along with a positive candle setup.
The fact that BTC is not rising but pnly very slow is of course great for the ALTS!
poidogofficial
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Omg this is the worst case scenario presented like its the most likely scenario. Shit analysis
watchtrend
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Yes true its broken, but still high chance for up trend.
Ether2020
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@watchtrend, thank you for your comment! Yes, nothing is sure in trading. But there is a triangle in a downtrend forming. Also the price has fallen out of the rising wedge. Then we had the decling volumes while the price was rising over a longer period of time. Multiple divergences. Several times failed to stay above 60.000 etc. I think if all these facts combined are not pointing to lower prices there is only one thing left and that is manipulation. Using TA with heavely manipulated coins/ assets is very risky. That is why we get so many unpredictable moves.
If the big boys want to stop out thousands of traders, they just do it when they want.
However there is one much more profitable strategy for good coins .... Buy and hold! No need to look at the screen to trade. Just compound the profits. Problem with it. Drawdown over longer periods of time and need the nerves for it.