BTC - the next move?

has been a crazy ride as of late. I think we have found a potential bottom (short term) at around 6000 now.

I think we will retest the 9000 level where we will meet some major resistance when the 50 EMA meets the 200 EMA. This could bring us down to the 8000 level where we have found major support as of late. This may end up creating an inverse head and shoulders which could take us up to test the top trend line which will then decide if it wants to stay in its downtrend channel, where we could see a new low after that.

I am still bullish on it long term, and bullish right now short term. But until we break out of this down trend channel we are still in a bear market, correction, whatever you want to call it. I do like the volume we have been seeing as of the last couple days but we have seen a couple failed attempts at the top of the channel so only time will tell.

Trading as such is risky and best move may be no move at all. I am still trading BTC as it bounces through this channel but I haven't been trading alts other than adding on existing positions on that low (don't want to call it a true bottom yet) that we saw at 6000

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Watch the 8k support closely. If it bounces of the 8k support strong it will form inverse head and shoulders and I think will test the upper downtrend line again around 12k but sentiment seems to be negative again with many people seeing another low so could just bust through 8 k downwards.

Note

Note

8k support has held well. Head and Shoulders patter forming nicely. Bullish indicators piling up. This may be the time we break the 9k and test the upper channel resistance around 12k.

Note

Nice upward channel has formed to bring us to test the top of the downtrend channel

dgbii91

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dgbii91

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