This is the moment we all been waiting for...Bullish? Maybe..Well.. After 76 1 hr bars, better yet 3 1/2 days of being in the air, the bulls are really trying to hold on for this uptrend. While the retail value of Bitcoin is at an average of 7350, there has been a tug of war between the bears and bulls.. A new month candle has just begun and the bulls opened this month with a upmove.. But there is a lot of heavy resistance at $7400. I am definitely bearish down to $2500 with ultimate goal of 1100 per bitcoin. But recently we broke one trend line just to run into another hidden trendline and it is looking very BULLISH. Right now we are looking at a double duty trend line heading to the upside. The bears has one more trend line to break before heading south. There maybe a possible buy up to 7500 in the next coming hours which could be the market top. But an average of 7400 is right now a cap off. Lets go Bears!!!
Cryptocrash2018
Bears has Closed over 50% on 4 hr. Time to cover profits. Bitcoin is in trouble with the bears overall. While many has enjoyed the buy up. many will suffer from holding. Facebook took a 120B (Billion Dollar) loss market cap last month. All time loss in the stock market history. With saying that, please do not expect a bull run closing out 2018 from Bitcoin. Sell it all.
BTC/USD down trend channelPersonally, i don't see any signs of a reversal yet (unless we continue this bounce above 10k). Big accumulation zone is highlighted in the rectangle. The lower green trend line is a long term upward trend line that was established prior to the recent parabolic move. A correction to this level should signify a big buying, and should be enough to push us up and out of this down trend channel. Personally, I am opening positions when the price dips down to the lower support of the down trend channel and at the key support lines drawn. I think we have about 2 weeks before we see any full on bull confidence.