Last time I wrote about BTC we had reached the conclusion of the H&S pattern. BTC then dropped further and has been moving "sideways" on increased volume since.
There is a lot of money on the sidelines - Tether is overflowing with wealth waiting to be dumped back into BTC once people are comfortable that there is a breakout.
I am predicting a bullish breakout that will first take us to $7200 before we know if we are going to beat the resistance at $7800 and breakout of the current bear market - or dip down to the low 6000's for another scrape along the bottom.
Industry news remains positive, we know there is money on the sidelines, and rarely does BTC slide without giving us at least a small window of positive trading.
If youve bough at the current level you might consider selling at the $7200 level and buying down if there is bearish momentum. Until we get through the $7800 barrier - and until a predictable pattern presents itself - the next area to pay attention to is $7200. A break above 7200 would be a sign to hold and make a decision at 7800 which would be the next big resistance point.
If you are on the fence wondering what to do - its not a bad time to take a position and buy at these levels! Money management is beyond the scope of this discussion but in turbulent times like these it is important to re-evaluate your strategy. There is lots of information out there for those who are interested!
**The charts and analysis I present are my own - based on years of profitably trading crypto! Please LIKE or FOLLOW my posts if you find them useful!**
There is a lot of money on the sidelines - Tether is overflowing with wealth waiting to be dumped back into BTC once people are comfortable that there is a breakout.
I am predicting a bullish breakout that will first take us to $7200 before we know if we are going to beat the resistance at $7800 and breakout of the current bear market - or dip down to the low 6000's for another scrape along the bottom.
Industry news remains positive, we know there is money on the sidelines, and rarely does BTC slide without giving us at least a small window of positive trading.
If youve bough at the current level you might consider selling at the $7200 level and buying down if there is bearish momentum. Until we get through the $7800 barrier - and until a predictable pattern presents itself - the next area to pay attention to is $7200. A break above 7200 would be a sign to hold and make a decision at 7800 which would be the next big resistance point.
If you are on the fence wondering what to do - its not a bad time to take a position and buy at these levels! Money management is beyond the scope of this discussion but in turbulent times like these it is important to re-evaluate your strategy. There is lots of information out there for those who are interested!
**The charts and analysis I present are my own - based on years of profitably trading crypto! Please LIKE or FOLLOW my posts if you find them useful!**