Everyone seems stumped as to why Bitcoin is staying up right now instead of dropping as most TA has been saying. I am not offering an idea as to why this is. But I do offer that the current price movements of Bitcoin during this potential reversal is very close to that of April 2018. I have above my chart the grey bars that was the movement of price in 2018 at this exact moment. It is not scaled for price, but only for the up and down movements and how closely they correspond to current movements.
You can do the same for ETH, BCH, and LTC. Same price movements as in April (only a bit more condensed on timeline).
I believe from here, Bitcoin will continue to follow the previous reversal's price trend and stairstep its way to the dotted yellow trend lines (bottom trend from previous ATLs and top trend from previous two bull run highs). Once there, we'll see what happens. But for now, I think we have some predictable price action. I am long on all fronts from lower points in the reversal until bitcoin reaches tests the trendlines above. Then, I'll reassess the price movement. I'll clearly continue to hold if we go up and celebrate being one step closer to a confirmed bull run. I'll sell if the trendline rejects and look for the next bottom buy, hopefully in the ballpark of 6800-7200K.
You can do the same for ETH, BCH, and LTC. Same price movements as in April (only a bit more condensed on timeline).
I believe from here, Bitcoin will continue to follow the previous reversal's price trend and stairstep its way to the dotted yellow trend lines (bottom trend from previous ATLs and top trend from previous two bull run highs). Once there, we'll see what happens. But for now, I think we have some predictable price action. I am long on all fronts from lower points in the reversal until bitcoin reaches tests the trendlines above. Then, I'll reassess the price movement. I'll clearly continue to hold if we go up and celebrate being one step closer to a confirmed bull run. I'll sell if the trendline rejects and look for the next bottom buy, hopefully in the ballpark of 6800-7200K.
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Okay, forget the stair stepping. I guess some bored folks with some extra change decided they would just poke at the trend lines straight away. Can't wait to see if it wakes up the bears. Trying to top 7780 and upper trendline. Watching and holding...
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Still looking at similar pattern on alts as in April's reversal. I have Bitcoin Cash snapshot below. ETH and LTC are doing similar movements. Look for yourselves on your own TA. This could be as low as we will see crypto for a long time. Or I could just be seeing things, right?
Still looking at similar pattern on alts as in April's reversal. I have Bitcoin Cash snapshot below. ETH and LTC are doing similar movements. Look for yourselves on your own TA. This could be as low as we will see crypto for a long time. Or I could just be seeing things, right?