sanuwat25
Long

BITCOIN maybe breaking through the downtrend trendline

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking at 4 hourly chart, fisher transformer has just crossed back up. That means, there is a possible upward momentum coming up and combined with the fact that at this level, the price has just crossed the main 3-month resistant trendline , it is quite likely that we will be seeing more price appreciation as long as the price can stay above the resistant line (~10300 USD).

If the price does indeed go back into an uptrend again, then it is possible we will be in the 3rd wave of the bigger uptrend movement in bitcoin which IMHO, could be wave 5 with a possibility of an extension later in the cycle which we won't be seeing probably for the next 4-5 years. However, there is a possibility that the price will go back down again to the support of ~8500 and worst-case scenario ~6600 USD when analysed with Andrew and Schiff pitchfork on log scale. So it is better to prepare yourself for both directions.

As for my strategy, I am speculating on the long term trend of bitcoin and have only been buying since December 2018 as per my analysis back then. As long as the price remains above the 5-year Schiff pitchfork support level I will remain a buyer of bitcoin .

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