DescryptoAdri

DescryptoAdri

Let me open this short analysis by saying I'm neither bull or bear. I'm water (like Bruce Lee). But I have to say that the current setup of $BTC gets me worried. We're printing a triangle similar to the one prior to the massive dump to ATLs in 2018. Although I don't thing it would go down that far, it's a safe bet to assume that touching the 200 EMA is not out of...

DescryptoAdri

It leads me to believe that we're back to a bear market and further drops are expected, but since it's too close to resistance, we will need to wait a little bit longer. I'm officially neutral-bear at this stage. #BTC

DescryptoAdri

When #btc touches that zone, I'll be looking to sell all my positions and wait for a retrace.

DescryptoAdri

This is a conservative, long term analysis. As it stands today, $BTCUSD has to decide whether it breaks the major resistance downtrend line in the next couple of weeks, or if its support gives way whch could bring it to the 2k range. No action for me until one of those directions is confirmed.

DescryptoAdri

Take a look back a couple of years ago, and see that BITFINEX:BTCUSD has currently reached a vital support point which has kept it floating for the past 3 years. If it doesn't bounce strongly from here, we might head towards the apex of the triangle since ATH, which might lead to a massive drop. Let me know what you think!

DescryptoAdri

I've plotted most of those lines a few months ago and BTC is still following this pattern. Curious to know what will happen next.