BTC Uptrend - Looks like an Ascending Triangle is Forming!!
Updated
Looking at this daily chart against CoinBase data it looks to me like we are forming an ascending triangle and still bullish on BTC for the next 6 months unless we begin a downtrend. We should expect to slowly climb our way back up to 19.5k as we continue to consolidate and expect a breakout to 50K.
Before the recent bounce many were insistent that BTC was dead and the bubble has bursted. There are also so many "investors" watching 15 minute charts for signs of a reversal, lol.
Funny thing is we are not even in a downtrend overall, so using minute charts should be left to the professionals.
Feedback welcome...
Before the recent bounce many were insistent that BTC was dead and the bubble has bursted. There are also so many "investors" watching 15 minute charts for signs of a reversal, lol.
Funny thing is we are not even in a downtrend overall, so using minute charts should be left to the professionals.
Feedback welcome...
Trade closed manually
I closed this position when BTC dropped below the support uptrend-line. Im sure there are plenty of short term trades that will open and close short term BTC. I am no longer bullish long term on Bitcoin.I feel the emergence of so many "shit-coins" have muddied the waters and sucked out market share from BTC and I think lack of any authorities to protect markets will lead to many being burned and that fiat will never return EVER. Once bitten, twice shy.
I would not be surprised if the whales are gone already or still figuring out ways to get out of Bitcoin without paying taxes. Likely many transactions have taken place during the fall of BTC from 20k to now and many whom were in from the start are gone and leaving.
So, who is holding all the BTC now, Im guessing everyone holding today bought above 10k and just entered the markets recently. Possibly traded there way in or bought from Coinbase.
Over the next few months I will be doing analysis and monitoring exchanges volume and BTC/USD pairs. Maybe something will change for me and I will hop back in. But for now Im sitting on the sidelines.
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