The formation that I'm referring to, is the (in black.) BTC has been in this channel since the all time high, and it has been responsible for the absolute annihilation of the price of Bitcoin . To highlight how critical it is, for BTC to eventually find it's way out of this , I'll present you with a fact: If Bitcoin doesn't get above this , it will be worthless by June 26th. That's a very real fact, that should make you very weary of buying anywhere inside of this downtrend, with the intentions of holding for a long period of time.
With that said, the safest place to buy this market, with the intent to hold over a long period of time, is at a confirmed breakout above the . That would be a technical development that, at the very least, shows that BTC has deployed it's parachute, and is exiting the current death spiral. So, until we see that development, it probably isn't wise to buy with the intent of holding long term, and it probably isn't wise to sit on your losing positions, when you could be putting that money to work, or protecting your capital.
In the most recent action, BTC has formed another , just above the neckline (in red) of the pattern. The is being formed after a nasty rejection at the 50 (in orange) which sent BTC back to the downside. If we see a breakdown from this pattern, a rapid selloff could emerge, ushering in a market wide panic driven selloff. Obviously, that many not happen immediately, but the odds of panic increase as this market continues to destroy people's investments. A new crossover has been printed on the , after it failed to stay above the zero line. Sell side also continues to dominate the chart. There is a on the , but given the overwhelming abundance of technical indicators, the crossover is insignificant. From here, look for a breakdown of the , and a test of the neckline of the pattern.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir! ;)
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
You state " If Bitcoin doesn't get above this downtrend channel , it will be worthless by June 26th. That should make you very weary of buying anywhere inside of this downtrend. "
I could equally say "if your airplane crashes, you'll die. That should make you very weary about flying." This is incorrect because whether you should be "weary" depends on the *probability* of the if-conditional actually happening, a point you probably knowingly omitting like a shyster. Shame on you.
You're intelligent enough to see the fallacies in your reasoning, and likely hope people don't see them like I do. Shame on you.