Yesterday was a really good day, people saw the market was green and everyone was quick to call the next bullrun... Why do you guys never learn? In a downtrend we will have the occasional bounce upwards, just like an uptrend will have the occasional drop.
Taking a look at the trend lines we can see that the previous trends have been broken and we're now left with a completely new one.
And what does this exactly mean?
That we are still in a big downtrend, the positive thing however is that the movements are stating to slowly become smaller and smaller. We are forming a symmetrical triangle, which will eventually lead to a breakout around summer time.
So when do trade?
Wait til we go back down and touch the support trend line, put a long there with a stop loss and enjoy the ride up. This is what I predict will be the last drop before we continue our climb back up. The chances of BTC breaking downwards is small in my opinion.
Taking a look at the trend lines we can see that the previous trends have been broken and we're now left with a completely new one.
And what does this exactly mean?
That we are still in a big downtrend, the positive thing however is that the movements are stating to slowly become smaller and smaller. We are forming a symmetrical triangle, which will eventually lead to a breakout around summer time.
So when do trade?
Wait til we go back down and touch the support trend line, put a long there with a stop loss and enjoy the ride up. This is what I predict will be the last drop before we continue our climb back up. The chances of BTC breaking downwards is small in my opinion.