This is no time to start making bullish cases for $BTC —
All you need is a little bounce up to make people think BTC is back and going back to the moon. It's not. Not yet. Yes, the current daily candle is bullish, but look at the amount of tests ahead. We have the yellow 200 MA right above us. We have the previous resistance before the latest downfall, all at the $8K level. In addition, we are still trapped in the mega downtrend channel (white lines).
So yes, while we might get some nice sideways action, perhaps a jump up to the $8K level, BTC and the rest of crypto are still super screwed up. I would like to see BTC first, break out from the down channel (white lines), either with decisiveness (very bullish then), or sideways by inertia.
A) If you are a trader, sure, get a kick out milking this one out until it dives down again.
B) If you are long term, then wait for downtrend breakout sideways or the upside preferably.
C) If you are HODLer, then why are you watching charts. Just go enjoy your life as we'll get to $100K eventually.
So yes, while we might get some nice sideways action, perhaps a jump up to the $8K level, BTC and the rest of crypto are still super screwed up. I would like to see BTC first, break out from the down channel (white lines), either with decisiveness (very bullish then), or sideways by inertia.
A) If you are a trader, sure, get a kick out milking this one out until it dives down again.
B) If you are long term, then wait for downtrend breakout sideways or the upside preferably.
C) If you are HODLer, then why are you watching charts. Just go enjoy your life as we'll get to $100K eventually.