Hello guys,
I figured I would make one last chart in this very needed time during the Bitcoin / USD unknown state ( bear or bull ?) ( since I am an Alt currency guy and I dislike shorting BTC)
Basically a lot of TA guys are agreeing that we have to at least retest 7000. We expected it to happen today, but it didn't, and it's normal because we forgot to factor indicators such as RSI / MACD, and the long daily chart.
Now we are at a very crucial point. We know the weekend is over, now market money can get in / out easily. What do we know ?
- We are still on a downtrend : We are, as we speak, on the trendline. If it breaks, we break the downtrend, else it bounces down. So now is the time to monitor BTC.
- Bear news are over, and some bullish news are appearing
- January dip is common every year
- China's new year ends in a week
Obviously we are now confronted with a very difficult and conflicting situation. The chart says we're going down. Look at it, look at RSI and MACD. But fundamentals are saying we're going up.
What do we do ? We basically stay neutral, we observe. We take our money out, if it goes up and sustains that price, we buy back in at a loss ( no prob, we'll trade them back )
If it goes down, then great, we made a profit.
I'm still convinced we can go down at least to 7600, but at this current state, I can't say it will anymore, because BTC has been so bullish these past two days
I figured I would make one last chart in this very needed time during the Bitcoin / USD unknown state ( bear or bull ?) ( since I am an Alt currency guy and I dislike shorting BTC)
Basically a lot of TA guys are agreeing that we have to at least retest 7000. We expected it to happen today, but it didn't, and it's normal because we forgot to factor indicators such as RSI / MACD, and the long daily chart.
Now we are at a very crucial point. We know the weekend is over, now market money can get in / out easily. What do we know ?
- We are still on a downtrend : We are, as we speak, on the trendline. If it breaks, we break the downtrend, else it bounces down. So now is the time to monitor BTC.
- Bear news are over, and some bullish news are appearing
- January dip is common every year
- China's new year ends in a week
Obviously we are now confronted with a very difficult and conflicting situation. The chart says we're going down. Look at it, look at RSI and MACD. But fundamentals are saying we're going up.
What do we do ? We basically stay neutral, we observe. We take our money out, if it goes up and sustains that price, we buy back in at a loss ( no prob, we'll trade them back )
If it goes down, then great, we made a profit.
I'm still convinced we can go down at least to 7600, but at this current state, I can't say it will anymore, because BTC has been so bullish these past two days