Could this historical uptrend line be the pit stop before a moonshot???
For long term HODLers, $10,200-ish is still a great price to accumulate since it is the median (fair price) for Bitcoin in the macro view!
Admittedly, I got tricked by the Whales as price exited Trading Range with strong Bear Volume.
A Test of Supply occurred below the Trading Range on low volume (no more Long stops to liquidate).
Price advancing back into Trading Range on high Bull Volume confirms successful test and Spring Phase.
🚨 A break below Last Point of Support $9,350-ish will invalidate...
Stopped out below $9180 😒
Bears in total control as we've exited the 5-day Trading Range with strong volume.
I expect a swift 1-2 week correction, maybe 10-15%.
Also, I do not recommend Shorting this, since we are less than 100 days to the Halvening and above the 200-DMA.
Instead, this is you opportunity to load up on a good Long position in the next week or...
The battle of bulls versus bears may be coming to a conclusion soon.
Supply may be exhausted as upper and lower wicks attack supply zones.
On the 1H chart Higher Lows or Lower Lows will expose the intent of the whales moving this market. 😬
Supply versus demand dynamics had a change of character based on volume.
Bulls are now in control, but must hold the retest of supply at $9,400!
🚨 A break below 9,200 with strong Bear Volume will invalidate this analysis.🚨
I would have at least 25-33% of speculative funds in a HODL position in case Bitcoin goes parabolic due to world fears of Coronavirus and upcoming Halvening.
Potential parabolic line is being formed.
Demand is buying up supply above the 200 Daily Exponential Moving Average and not piercing through it.
Bear Volume is decreasing as price is declining = Bullish...
Bitcoin may be in a Distribution Stage of the Market as Price has tagged the $9,000, but momentum of the RSI is decreasing in power.
This is Bitcoin, so it can just pump to $9,400 out of nowhere. I'd be safe and trail your stop loss tighter.
After 190+ Days of sell pressure during a macro uptrend... Bitcoin may be forming an aggressive Cup and Handle pattern.
The handle currently appears to be a Bullish Ascending Triangle underneath the 200 Daily Exponential Moving Average at $8,150. (Over time, price can drop slightly and it may form a flag instead.)
A drop below $7,600 will invalidate this pattern.