This is a Crunch time for Bitcoin and Many people Are running scared.
Me, I am sitting tight, NOT selling.
In Fact, I am BUYING
Why ?
Because we are Still in Channel and Above a long Term line of support.
Lets have a Look.
There are two major lines we need to pay attention to...The BLUE ARC that has rejected Every Bitcoin ATH since the beginning and the Line of support that was created in 2011.
And the problem we have right now, is that PA is getting Squeezed between the Two.
PA MUST React.
You can see how tight it is getting and PA is nearly on the lower trendline.
Lets look closer
Same chart as a Weekly chart
See how that Blue Arc has rejected PA and how the White long term support has supported PA>
And it is THIS image of this chart that Give me Hope.
A number of things to note here.
Most importantly is that the Bulls DID break over that Blue Arc once. This shows intent to do so. That was the First time that line of resistance has ever been broken.
And PA was Overbought when it did so and so we did not have the strength to remain above.
PA has retreated and as a consequence, PA is now Oversold.....and with in striking distance.
PA has the strength to attack that Blue Arc again and WIN
PA is currently on the 0.5 Fib Retracement
Should this support fail, we will Visit 89700 on the 0.618 retrancement. But that will only happen if we fall through a line of Support that HAS NEVER BEEN CROSSED
For Me, I remain VERY BULLISH
This is a Dip of Doom and has scared people but we are near the end....So long as we remain above that line of support, I remain positive.
As I mentioned at the beginning of the month, I am expecting this month to close RED but then we Rise....Have a look at the Month Candle Colout chart post.....all will be explained.
Stay safe
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.