So what exactly is BTC doing right now? Bitcoin is on a secondary downtrend (It has been for months now) and it is testing the latest support (which is very strong) The white line goes back months acting as support and that is what makes it very strong. Also, the green line was the historic support from June to November of last year, so both of these lines combined make a really hard to beat support system. So when do we know if we are going up for sure? Once we defeat the 50MA we should try to jump in during a pull-back. Follow me and I will indicate exactly where to jump in and where to set your stop loss.
It is important to remember that nothing is scripted, BTC does not owe us a stop at 7K or 4K, and at any given time support can act as bottom and up we go quickly. The key is that we have tools to jump into the bandwagon early and safe without missing out on much profit if it goes up violently. In short, as long as price does not go above $9600 we are still looking to go down. Lastly, that support from hell will break if we don't get over and stay over the 200MA very soon.
Lastly, a lot of money came into crypto since yesterday. Check out the chart below. In 2 days about 20 billion dollars were pumped in. It is worth noting that there is a death cross forming in this chart and someone or something is trying to prevent it. I hope you all have a handful of alts already just in case we go up from here.
In investment banking, there is a secret called the "90/90/90 Rule" which means that 90% of investors will lose 90% of their money in just 90 days. Just remember that large institutions are after your money, so don't make greedy unplanned moves, they are counting on you doing just that.
NOW, THE LEGEND;
Support are green
Resistance are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Still going down until we make a "higher high."
THE OUTLOOK: Not safe to buy BTC but we are near the bottom.