BTC to test bottom of long term bullish trendline - then should

22 thg 5, 2018

Posting an update from my last chart

I thought BTC would bounce to the top of the long term trend channel I had listed, specifically due to the bullish momentum, but we should have known better! Looks like it wants to go sideways and slowly bleed out until we hit the bottom of the long term trend channel (Red Line, previously orange in last chart). I'm envisioning a nice bounce off of it, but not enough to burst through. A modest correction after the first wave, then spiking through on the second bounce on the daily chart.

22 thg 5, 2018

Ghi chú

As long as we don't drop below that Red long term trend line, BTC is still in a BULLISH cycle from all of 2017 except for December.

Also a typo in my above comment. I changed the lower trend line color from Orange to RED.

26 thg 5, 2018

Ghi chú

Still above the bullish support and following the path of the red line.

I have this weird gut feeling that towards the end or after Memorial Day here in the USA, it’s going to make a bounce. Consolidation over the holida weekend makes a lot of sense.

29 thg 5, 2018

Ghi chú

BTC broke the trendline over the weekend, but as soon as we hit post holiday it had a bounce like I expected. The trend line is now working as resistance since it's sitting below it.