Maye the force be with you
This is not trading advice I just like to draw lines and find patterns. XBT is in a large wedge and downward channel. Until it breaks out of this its still possible to see a retrace and retest of the current bottom. Nobody likes flying blind.. except honey badgers of course.
XBT is showing us the way. Short short long long. Not advice I just like to draw on the charts.
There will be no new ATH without a solid foundation. BTC at 10k is expensive.. On the other hand BTC in a 4 digit range is an insanely good deal.. The next move down to 4 digits will be A) The new ATL bottom never to be seen again.. or a move to end BTC once and for all!
I have lived through this before where the entire community was seeing the need for a solid foundation while the market was trading sideways for so long it created a new bottom and everyone was blown away. This time around most people seem to be more cautious but I was planning for the worst. Maybe Max Keiser will finally get it right this time.. He said moon soon...
We are back inside the downward channel, resistance was penetrated but not broken. Trendlines are traditionally considered extremely subjective but when it comes to Bitcoin and Autism they seem to be deadly accurate ;) This is not TA I just like to draw lines and find patterns.
Its on the chart in the form of art. If you cant find the rocket then she never leaves home. XBT is a part of me, and you.. and you.. we decide its fate and I will go down with this ship or see ATH by 2020. Not advice just like to draw.
XBT could blast upward. 10k is a major psychological barrier more-so than 11k and 12k but not 13k This fits with Chinese philosophies as well. So all this sideways action could be signs of a very solid foundation just below. possible in the 7k range. That would be very impressive hodling power if it were to suddenly drop and test bottom. resistance at 7k would...
Throughout XBTs short life this range between 10k and 13k has always been an intense one. Its one of the first areas of value where Bitcoin seems to have stability and less volatility. Everyone wants to own a 10 k BTC but nobody wants to buy one.. 9k sure.. but 10k.. thats so high.. its hard to believe.. looking back that btc is 10k.. that is so insanely...
Stack Sats like Jenga.. Fit them like Tetris.. take one form the bottom and put it on the top.. Better to sell some from the top and buy them on the bottom.. ..
Everything is on the chart BITMEX:XBT This is not trading advice I simply enjoy drawing lines and finding patterns.
I have nothing to say.. I love Bitcoin but this is just too easy to ignore.
Red trend line is long term resistance. If broken I expect to see the bottom tested which may dip into 6k area if the 8k area is broken.
Update - Bearish trend continues inside a downtrending triangle, inside a downtrending channel and seemingly about to break below longterm support. This is not TA or ..Trading Adivce - A
As usual Bitcoin is loaded with patterns and trendlines and the honey badger of crypto can change directions like a fart in the wind.