Hello traders,
Here is an update on Bitcoin on the 8 hour chart of Bitcoin.
The head shoulder formation is still active and intact. The neck line is slightly more accurately placed now.
As I mentioned earlier, violent pullbacks are quite normal in this volatile market. In the process, a Demark 9 buy signal for the short term also came in.
I am still bearish on Bitcoin as long as BTC moves in the downward trend channel.
In the short term, the RSI is overbought with a negative divergence.
Be sure to place stops when trading and good moeny management is essential.
BTC's long term direction is and will remain upward! So buy and hold traders need not worry. The price continues to rise in the long term due to the 4 year halving of Bitcoin mining and interest from institutional investors.
Here is an update on Bitcoin on the 8 hour chart of Bitcoin.
The head shoulder formation is still active and intact. The neck line is slightly more accurately placed now.
As I mentioned earlier, violent pullbacks are quite normal in this volatile market. In the process, a Demark 9 buy signal for the short term also came in.
I am still bearish on Bitcoin as long as BTC moves in the downward trend channel.
In the short term, the RSI is overbought with a negative divergence.
Be sure to place stops when trading and good moeny management is essential.
BTC's long term direction is and will remain upward! So buy and hold traders need not worry. The price continues to rise in the long term due to the 4 year halving of Bitcoin mining and interest from institutional investors.
Trade active:
Hello Traders, here is a short update:
In the move up, we see that as we move higher the volume decreases. Possibly we will then test the top of the downward trend channel and BTC will continue the move down.
Remember that the medium-term trend is now downward. That simply proves the direction of the downward trend channel. The long-term trend remains upward.
Other possibility is that BTC is already going down further as of now. The last possibility is a breakout from the downward trend channel.
Now best wait and see what BTC will do because this is decisive for all other coins as well!
In the move up, we see that as we move higher the volume decreases. Possibly we will then test the top of the downward trend channel and BTC will continue the move down.
Remember that the medium-term trend is now downward. That simply proves the direction of the downward trend channel. The long-term trend remains upward.
Other possibility is that BTC is already going down further as of now. The last possibility is a breakout from the downward trend channel.
Now best wait and see what BTC will do because this is decisive for all other coins as well!
Comment:
Traders , Eager to hear your comments and thoughts on Bitcoin and of course very important, how and why.
Comment:
Hello traders,
Please keep a close eye on Bitcoin's roadmap as it is hugely important for ALT COINS and the rest of the crypto market.
I have a link here to Bitcoin's Roadmap.
We are still caught between Target 1 and Support 1 with Bitcoin. We'll have to wait and see how Bitcoin develops further but in the meantime this is good news for ALT coins. As long as BTC moves wonky the ALTS can continue to rise but always keep an eye on this chart to see exactly where we are! Trade safe and use always stops!
Please keep a close eye on Bitcoin's roadmap as it is hugely important for ALT COINS and the rest of the crypto market.
I have a link here to Bitcoin's Roadmap.
We are still caught between Target 1 and Support 1 with Bitcoin. We'll have to wait and see how Bitcoin develops further but in the meantime this is good news for ALT coins. As long as BTC moves wonky the ALTS can continue to rise but always keep an eye on this chart to see exactly where we are! Trade safe and use always stops!
Even when price increase to 55000 USD we are still in the downward trendchannel.