On my last BTC idea I pulled the trigger and got back in just a little too soon, at the $8,800 level. Just 4 days to soon, what a difference a weekend makes, right? Let me break it down why I am hodling my BTC along with everything else at the moment.
1. Inverse head and shoulder formation. Now hitting support in this $7,700 area.
2. MACD, STILL sloping upwards on the weekly and still overall positive.
3. RSI STILL sloping up.
4. The HALVING, it's right around the corner.
I anticipate that over the next 1-2 months after the virus fears start to dissipate and with the halving right around the corner we will rally hard from here. Of course if the virus becomes a pandemic then the narrative completely changes. However the number of recovered is 62,000 while the number infected is 113,000. Those are just the official statistics. But officially, there are a lot of recoveries.
Best of luck out there,
-Sherem
P.S. If you are going to say this can't be an inverse head and shoulders pattern. Please go disagree with Peter Brandt on the issue and tell me how that goes.
1. Inverse head and shoulder formation. Now hitting support in this $7,700 area.
2. MACD, STILL sloping upwards on the weekly and still overall positive.
3. RSI STILL sloping up.
4. The HALVING, it's right around the corner.
I anticipate that over the next 1-2 months after the virus fears start to dissipate and with the halving right around the corner we will rally hard from here. Of course if the virus becomes a pandemic then the narrative completely changes. However the number of recovered is 62,000 while the number infected is 113,000. Those are just the official statistics. But officially, there are a lot of recoveries.
Best of luck out there,
-Sherem
P.S. If you are going to say this can't be an inverse head and shoulders pattern. Please go disagree with Peter Brandt on the issue and tell me how that goes.