This is the mid-term picture of Bitcoin with daily candles. I may catch flack for this but I am not a long term believer in Bitcoin. It is too embroiled in controversy to compete. Bitcoin is to Cryptocurrency what Tiger Woods was to golf in 2010: top dog, unbeatable, unrivaled, and then suddenly mired in controversy and struggling to keep up with rivals. And, as Tiger floundered so did the relevance of golf. Such is the state of crypto right now. So as much as I dislike it, until Bitcoin loses its dominance I have to keep an eye on what it's doing because the health of crypto rises and falls with Bitcoin.
Clearly the mid-term trend is bearish. We have not had a new high, or even a higher high since 2017. That being said we have also not had a lower low for 3 months. As always, we can keep going down, trade sideways, or go back up from here, so this is what I am watching for.
Further downside movement could set up a rare Triple Bottom formation which would signal a reversal to the upside. We would have to fall to $6800 to form the 3rd trough of the triple bottom AND THEN rally to $10k+ to CONFIRM the triple bottom. This pattern will likely take another month to form. Arguments against this pattern include decreasing buy side volume on the second trough, in triple bottoms we should see increasing buying volume with every trough.
We could be entering a sideways trading channel. Again I look for a reversal on or before $6500 - 6800 to signal this.
Finally we could see further downside pressure if price cannot bounce off of the current $8100 support or the $7750 mid support or the $6.6k-6.8k extreme low support zone around the purple "Triple Bottom" trendline.
Honestly, side ways is fine by me. I don't plan to add to my BTC position anytime soon, I just don't want it to pull down all of my positions in its own fall from grace a la Tiger Woods in 2010.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Clearly the mid-term trend is bearish. We have not had a new high, or even a higher high since 2017. That being said we have also not had a lower low for 3 months. As always, we can keep going down, trade sideways, or go back up from here, so this is what I am watching for.
Further downside movement could set up a rare Triple Bottom formation which would signal a reversal to the upside. We would have to fall to $6800 to form the 3rd trough of the triple bottom AND THEN rally to $10k+ to CONFIRM the triple bottom. This pattern will likely take another month to form. Arguments against this pattern include decreasing buy side volume on the second trough, in triple bottoms we should see increasing buying volume with every trough.
We could be entering a sideways trading channel. Again I look for a reversal on or before $6500 - 6800 to signal this.
Finally we could see further downside pressure if price cannot bounce off of the current $8100 support or the $7750 mid support or the $6.6k-6.8k extreme low support zone around the purple "Triple Bottom" trendline.
Honestly, side ways is fine by me. I don't plan to add to my BTC position anytime soon, I just don't want it to pull down all of my positions in its own fall from grace a la Tiger Woods in 2010.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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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.
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.