Once the downtrend line (in red) hits, the price will bounce. Its safe to sell at that point and wait for a breach of that red trendline as a signal of upward continuation to rebuy again.
I believe market makers will try to take the opportunity to push the price even lower by mass selling, sellwalls and FUD. The long term support line (in white) is a nice location to bet on a bottom.
I believe market makers will try to take the opportunity to push the price even lower by mass selling, sellwalls and FUD. The long term support line (in white) is a nice location to bet on a bottom.
Note
Bitcoin bounced of the trendline support (in white) and looks like it will now retest the resistance (in red). In case of a break upward at the red resistance a large volume run upward is to be expected due to the high amount of shorts across all exchanges.
Tread carefully.
Note
Bitcoin broke out of the downtrend, this chart is invalidated.
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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.