Since the Google announcement (that they will ban crypto ads starting in June) BTC has dropped about 17%. NOTE: A smaller drop than past major bear headlines.
If volume continues to drop, Bitcoin’s price might follow suit. If so, keep an eye out for either a double bottom @ $7660 or the start of a new bear flag somewhere around $6800–6900.
If the price can maintain above 50% retracement, look for optimism to spark a bull run. How long that lasts is a mystery to all (contrary to popular claims) but keep an eye on the macro bear down trend between $10,400–10,800.
Work out strategies for each of these scenarios and—at least in the short term—you should be as prepared as this crazy market will allow.
If volume continues to drop, Bitcoin’s price might follow suit. If so, keep an eye out for either a double bottom @ $7660 or the start of a new bear flag somewhere around $6800–6900.
If the price can maintain above 50% retracement, look for optimism to spark a bull run. How long that lasts is a mystery to all (contrary to popular claims) but keep an eye on the macro bear down trend between $10,400–10,800.
Work out strategies for each of these scenarios and—at least in the short term—you should be as prepared as this crazy market will allow.
Comment:
Since both bullish days closed with weak gains AND fell below the 50% retracement, I'm keeping a closer eye on my bearish contingencies.
Comment:
For those keeping score, a significant bounce just occurred. There's no guarantee, but there's an arguable chance this reversal sets us on the path of challenging the $11k resistance line again. A couple notes on this development:
1. The reversal slightly shifted/delayed the 11-month bull channel that Bitcoin has been trading in (sans the 2017 Q4 bubble). This is further evidence of the power of the current bear trend (3 months and counting).
2. This is a western-driven reversal so far. Compared to the 02 Feb reversal, the volume is notably less on Bitfinex but far more on Coinbase.
In my opinion, the reversal is real if Asian volume follows suit and the price closes above $8,960 before 3/21. If it closes below that but above $8,580, strong confident is gone but cautious optimism is preserved.
1. The reversal slightly shifted/delayed the 11-month bull channel that Bitcoin has been trading in (sans the 2017 Q4 bubble). This is further evidence of the power of the current bear trend (3 months and counting).
2. This is a western-driven reversal so far. Compared to the 02 Feb reversal, the volume is notably less on Bitfinex but far more on Coinbase.
In my opinion, the reversal is real if Asian volume follows suit and the price closes above $8,960 before 3/21. If it closes below that but above $8,580, strong confident is gone but cautious optimism is preserved.
