BTC Taking A Tumble... But Perhaps For Not Too Long!
Apologies Folks.. This is what I wrote to two of my friends about 3 hours ago, and I was going to post it here, but BTC just kinda beat me to it.. :-) So this is the scenario playing out right now.. This is what I wrote about 3 hours ago, give or take a little...
"Remember this is most likely just the retracement dip after the initial breakout from the upper resistance line in the downtrend channel. If the green $10,500 support line holds, then this may just be the start of a new longer term uptrend channel. Remember it broke through major resistance, then came back down as it always does, hunting for that resistance (now turned support). The only reason it didn't go all the way to $9,800 yet was because of the strong support at $10,400 - $10,500. So if that line holds, price will very likely start rising again, and initiate a new uptrend. If it doesn't hold, then $9,700 will be the next target down, from where it will then definitely start it's new longer term trend upwards"
So there it is folks.. my very quick analysis - BTC a little quicker though.. but in the end it played out almost exactly as was expected. On my Chart, the lowest point hit was at about 9,458.00. If the support line holds where it is now, the slow trend upwards should start.
Please, this is not trading advice, just my thoughts on the current price action of BTC - Please always do your own research and make wise decisions when trading. Cheers everyone! Hope your day was profitable!
"Remember this is most likely just the retracement dip after the initial breakout from the upper resistance line in the downtrend channel. If the green $10,500 support line holds, then this may just be the start of a new longer term uptrend channel. Remember it broke through major resistance, then came back down as it always does, hunting for that resistance (now turned support). The only reason it didn't go all the way to $9,800 yet was because of the strong support at $10,400 - $10,500. So if that line holds, price will very likely start rising again, and initiate a new uptrend. If it doesn't hold, then $9,700 will be the next target down, from where it will then definitely start it's new longer term trend upwards"
So there it is folks.. my very quick analysis - BTC a little quicker though.. but in the end it played out almost exactly as was expected. On my Chart, the lowest point hit was at about 9,458.00. If the support line holds where it is now, the slow trend upwards should start.
Please, this is not trading advice, just my thoughts on the current price action of BTC - Please always do your own research and make wise decisions when trading. Cheers everyone! Hope your day was profitable!
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