Even with all the bearish signs as of late, we still stayed inside the triangle. Now, we've broken below. This, in my opinion, is the most bearish sign for BTC in a while. Could be a buying opportunity, or the start of a free-fall.
There's been a lot of back-and-forth in BTC's price action lately, but the trend has not changed. Don't be fooled by the fast jumps and falls, as the lt-trend is still favoring a $8,000 end-point in the near-future. Unless you're day-trading, just be patient, wait for this triangle to end its course. We're almost there.
After yesterday's sharp decline, BTC is now re-testing the LT bear trend starting back in Dec (crazy how that is "long term").
If this was a re-correction towards the trend, I think we'll continue to correct until about $7,300, at which point we should be "done" correcting. To drop any further than that would be SUPER bearish imo.
On the other hand, if...
BTC is closing the day above the trendline, may be a bullish move, could be "overbought." We'll see, but if we trend up another day or so, that would be VERY bullish, especially after a terrible week in the SPX.
BTCUSD is enjoing a nice run today, but don't be fooled, until we break that resistance line we're still in bearish territory. I'm thinking it comes down to the $7,000 rage at somepoint, maybe in the next 30-45 days.
If it breaks that lt trend line, maybe the run is over, but for now, we're still hibernating.
I posted this idea a few days ago, suggesting we'd get some resistance around $11,500. We made it up to about $11,700, and now are heading back down towards the long-term trend line. I think we're going to get down to about $6900-7200, then that should be the end of this downtrend.
Based on long-term trend lines, I'm guessing BTC enjoys this nice little run-up until about $11,500-ish, then has a healthy correction back to the $6k-7k range, before going to the moon.
If you're trading frequently, perhaps a sell opportunity since, if not, I'd continue HODL'ing.
PS - I know nothing. Invest wisely.
Looks like the SPX is starting to re-test the LT trend lines. It'll be interesting to see if we start coming back down to more "middle of the pack" growth, or if tries to take-off back to ATHs. Personally I think this is more of a "fakeout", and we'll see a bigger drop coming. In past corrections/recessions, there's always two drops. We had the first one, now a...
It'll be interesting to see what happens when BTC starts to test that $10,600-10,800 range. LT trend analysis says we should see a correction at said point, but if it breaks out we could see quite the Bull run! Exciting times.
Although it appeared we may have been ready for another BTC bull run over the last few days, I'm afraid it was nothing more than a "fakeout." On the day chart, it still looks like we have some way to go down, thinking re-entry point around $6,400.