Markets are all performing horribly, and BTC has followed suite.
Currently formed an inverted head and shoulders on the weekly - naturally a bullish indicator but current climate is not bullish at all.
the bottoms of both left and right shoulders have perfectly touched the .786 fib retracement level for the massive rally we had from December to February.
Stochastic RSI is still pointing downwards along with MACD as well so we could very well have more downside action first before a decent bounce on the mid-long term charts, but a bounce is due soon. I will be looking to capitalize when the opportunity presents itself but the overall long-term trend still remains downwards so I won't be too greedy here.
Choose your positions carefully. With current market conditions a further breakdown is very easily possible and if the $6500 price is broken I dont see us recovering back to 9k+ any time soon and will likely trade underneath it for most of 2020.
Safe trading and choose your positions wisely, wait for confirmations and don't just gamble. Whether it's to the downside or back up to 9k, there are some HUGE opportunities available if you're patient and careful. Safe trading, cheers.
Currently formed an inverted head and shoulders on the weekly - naturally a bullish indicator but current climate is not bullish at all.
the bottoms of both left and right shoulders have perfectly touched the .786 fib retracement level for the massive rally we had from December to February.
Stochastic RSI is still pointing downwards along with MACD as well so we could very well have more downside action first before a decent bounce on the mid-long term charts, but a bounce is due soon. I will be looking to capitalize when the opportunity presents itself but the overall long-term trend still remains downwards so I won't be too greedy here.
Choose your positions carefully. With current market conditions a further breakdown is very easily possible and if the $6500 price is broken I dont see us recovering back to 9k+ any time soon and will likely trade underneath it for most of 2020.
Safe trading and choose your positions wisely, wait for confirmations and don't just gamble. Whether it's to the downside or back up to 9k, there are some HUGE opportunities available if you're patient and careful. Safe trading, cheers.
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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.