Bitcoin closed out the week floating around 7.3 - 7.4k. I was really expecting a pretty steep drop once it closed below the support line. But it bounced back up and is riding the line now.
But I’m not quite giving up on it yet. Maybe it started a a bit earlier than I thought. So I am backing it up about 3 weeks. I drew another line, in purple, that could be the bottom. It would make the drop to 6.5 just a wick below the new 6.9 bottom of the triangle support line. If it is to test the top resistance line again quickly it could get up to 8.9. If it takes its time over several weeks, maybe 8.7 - 8.5 range.
This moves the end of the triangle from mid January to early February if it goes to its conclusion. I still think there is a greater chance of breaking to the upside and overall moving higher. But I also feel we never saw blood in the street during this bear market and would feel much better about a rebound if we got this. A huge drop would give me much more confidence in a bull market that if we don’t get one. I would hate to see this bear stick around for much of next year, but it certainly is possible.
The daily MACD is touching now. I may be a short term buyer if it move positive on the daily until it touches the resistance line.
Thanks for listening.
satoshmike
I am not a professional trader, investor or adviser. This is not, in any way, financial advise. Always do your own research.
Twitter - @satoshmike
But I’m not quite giving up on it yet. Maybe it started a a bit earlier than I thought. So I am backing it up about 3 weeks. I drew another line, in purple, that could be the bottom. It would make the drop to 6.5 just a wick below the new 6.9 bottom of the triangle support line. If it is to test the top resistance line again quickly it could get up to 8.9. If it takes its time over several weeks, maybe 8.7 - 8.5 range.
This moves the end of the triangle from mid January to early February if it goes to its conclusion. I still think there is a greater chance of breaking to the upside and overall moving higher. But I also feel we never saw blood in the street during this bear market and would feel much better about a rebound if we got this. A huge drop would give me much more confidence in a bull market that if we don’t get one. I would hate to see this bear stick around for much of next year, but it certainly is possible.
The daily MACD is touching now. I may be a short term buyer if it move positive on the daily until it touches the resistance line.
Thanks for listening.
satoshmike
I am not a professional trader, investor or adviser. This is not, in any way, financial advise. Always do your own research.
Twitter - @satoshmike