BTC Bull or Bear Swing Plan - To 12/13k or to 10/9k?
Updated
A lot of people called bear over the last week or two and a lot of people called bull once we saw a big uptrend. We thought the downtrend line was broken, but I reevaluated the chart and I don't think it is. And we're getting slightly different charts on USD and USDT. Much of that was arbitrage. The prices are closer now. I think that is a good sign. But I still think we're in downtrend. I like dips, though, because to me it's an easy way to buy a bounce.
Basic strategy = I am HOLDING for now. I will sell or reevaluate the trend in the next few hours and especially if the price rises to the BLACK downtrend line. We already broke a few smaller wedges but I think we didn't break the large downtrend wedge.
If I see the price fall out of the bottom of the wedge I will sell and look to buy near 10k, and if that doesn't work I'll look to buy around 9.5k
Basic strategy = I am HOLDING for now. I will sell or reevaluate the trend in the next few hours and especially if the price rises to the BLACK downtrend line. We already broke a few smaller wedges but I think we didn't break the large downtrend wedge.
If I see the price fall out of the bottom of the wedge I will sell and look to buy near 10k, and if that doesn't work I'll look to buy around 9.5k
Note
UPDATE: Arbitrage appears to have been completed. The prices for BTC on coinbase, bitstamp (both USD) and Binance, Poloniex, Bittrex (All USDT) are within tolerance. The price is moving up on the 5 minute chart and past the downtrend line on USDT so far. BTCUSD also moving up, so I am continuing to hold and expecting a normal bounce up.Note
Referring above to the 5minute downtrend line, not the 4hr downtrend line, appears to be broken for now on USDT.
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