What is going on? Is Bitcoin broken?
Hello investors and traders.
Did yesterdays dump get you down or scare you? You need not fear , Bitcoin is not broken. In fact its stronger than ever. Does this mean prices can not go lower in the short to medium term? No, they in fact can and should be looked at as buy opportunities. How do we determine what to expect?
1 If bitcoin breaks back above the 21 week EMA at about 52.5k in the next week, then we are bullish.
2 If we are above the top resistance at 58.2k at months end then first quarter of next year looks good to run.
If we do not do these things then it's most likely we retest lower support at 34k to 35k possibly lower into the blue area as illustrated in the chart before the next leg up.
The indicator on the bottom is the NVT and it's still showing strength to me, but we wait and see what happens.
In my opinion this is a weak fear trade that will not last long and is most likely the catalyst to the next major move up.. But I honestly don't know as know one does. We simply use the facts in the charts.
This not financial advise.
* Never let fear dictate your actions*
Did yesterdays dump get you down or scare you? You need not fear , Bitcoin is not broken. In fact its stronger than ever. Does this mean prices can not go lower in the short to medium term? No, they in fact can and should be looked at as buy opportunities. How do we determine what to expect?
1 If bitcoin breaks back above the 21 week EMA at about 52.5k in the next week, then we are bullish.
2 If we are above the top resistance at 58.2k at months end then first quarter of next year looks good to run.
If we do not do these things then it's most likely we retest lower support at 34k to 35k possibly lower into the blue area as illustrated in the chart before the next leg up.
The indicator on the bottom is the NVT and it's still showing strength to me, but we wait and see what happens.
In my opinion this is a weak fear trade that will not last long and is most likely the catalyst to the next major move up.. But I honestly don't know as know one does. We simply use the facts in the charts.
This not financial advise.
* Never let fear dictate your actions*
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