Bulls on the Horizon
With the bear flag officially over and a minor breakdown as the result, things are starting to look really good for the bulls once again in BTC.
Price action is moving sideways while it steadily recovers and consolidates above 8000USD.
We are now long out of my previous chart's descending channel, and have just popped through sideways out of the purple descending wedge.
I have left the white top line from the flag pole up on my chart for now as I still believe that will be an active point of resistance.
So what do we do while we wait to see and confirm what the next developing trend will be?
For me, I am satisfied from all the trades and plays made last week, so I am going to hold my bags until the next plan of action can fruitfully develop.
I think with a little more work the bulls can regain full control, and this crazy crypto market can be off to the races once again- perhaps not the moon, yet.
Before I invest in any more long, hodl positions, I want to see two things. I want to see the USD price remain fully above 8200 (I don't want to even hear so much as a whisper about 8000 again), and I want to see price break above 9200. Then, and more than likely ONLY then, will I start going back into the "bull and hodl" mindset.
Of course in the crypto game, this can all change very quickly as the next trend develops, so as always- keep your eyes on the charts! The bears are not down and out, so do not under estimate what could happen.
Stay safe, gamble smart, and keep faith my friends.
- RECT
*** Don't take my word for it, I'm just a rookie who studies a hella lot ***
Price action is moving sideways while it steadily recovers and consolidates above 8000USD.
We are now long out of my previous chart's descending channel, and have just popped through sideways out of the purple descending wedge.
I have left the white top line from the flag pole up on my chart for now as I still believe that will be an active point of resistance.
So what do we do while we wait to see and confirm what the next developing trend will be?
For me, I am satisfied from all the trades and plays made last week, so I am going to hold my bags until the next plan of action can fruitfully develop.
I think with a little more work the bulls can regain full control, and this crazy crypto market can be off to the races once again- perhaps not the moon, yet.
Before I invest in any more long, hodl positions, I want to see two things. I want to see the USD price remain fully above 8200 (I don't want to even hear so much as a whisper about 8000 again), and I want to see price break above 9200. Then, and more than likely ONLY then, will I start going back into the "bull and hodl" mindset.
Of course in the crypto game, this can all change very quickly as the next trend develops, so as always- keep your eyes on the charts! The bears are not down and out, so do not under estimate what could happen.
Stay safe, gamble smart, and keep faith my friends.
- RECT
*** Don't take my word for it, I'm just a rookie who studies a hella lot ***
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.