chrislight19

BTC Trend, much needed perspective

POLONIEX:BTCUSDT   Bitcoin / Tether USD
I have spent so much time analyzing and trying to figure out the direction of BTC , I struggle because I have seen what happens when it takes off, and have witnessed plenty of FOMO in this market. I do not know with certainty what our short term will be. I think it will return to the 3100 support, then attempt another push up before heading for the 2600 range. I do however fully expect in the next few weeks a return to the 200 day moving average, illustrated by my Blue line on my Bollinger Band . Coincidentally....or not so much I think, there is also a major support line lining up with it right now, and I think that is where we are heading. BTC has not been back to the 200 day MA on the Day chart since its price has been skyrocketing this year.

Comments

So many bulls in this market it's hard for them to realize a correction is actually healthy and will help for at least some extent stop a "bubble". Nothing in life can increase exponentially without effect. Thanks for your TA:)
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@Sixboost, I agree
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