BTC broke a very major down trend. what's next?
Updated
So as we mentioned ( but not expected ) btc did break the ALL TIME HIGH trend on the daily with a very bullshit candle on the log scale. went all the way to 9K area where it got stopped buy the the horizontal resistance. went down and got stopped by the uptrend ( red ) which was broken previously. I guess it is now safe to buy with a tight stop loss right under the trend line ( red ). and first target with be the 9K resist line.
after a the break out of 9k we may re-test it and then I think the spike will be huge to 11500$ . chart wise says 9000$ to 11500$ is a clear path only minor resistance line.
as long as we stay above the ORANGE downtrend we can call this a bull market, better yet if we remain on top of the newly devolved RED trend line. which is a very important trend that may take control of the Bottom basis, since the only MAJOR up trend is almost flat at 6300-6700 which is not good for a bull market. the new trend RED is a very promising trend to build the so called bottom trend of the market, whereby traders will always buy at that trend.
i expect a bit of squeeze between this red trend line and the 9k Resistance. which is good, the more the trend cal hold the stronger it gets.
Keep a close eye guy guys. there may be some bear traps along the way do not get trapped. stick to using SL.
good luck
after a the break out of 9k we may re-test it and then I think the spike will be huge to 11500$ . chart wise says 9000$ to 11500$ is a clear path only minor resistance line.
as long as we stay above the ORANGE downtrend we can call this a bull market, better yet if we remain on top of the newly devolved RED trend line. which is a very important trend that may take control of the Bottom basis, since the only MAJOR up trend is almost flat at 6300-6700 which is not good for a bull market. the new trend RED is a very promising trend to build the so called bottom trend of the market, whereby traders will always buy at that trend.
i expect a bit of squeeze between this red trend line and the 9k Resistance. which is good, the more the trend cal hold the stronger it gets.
Keep a close eye guy guys. there may be some bear traps along the way do not get trapped. stick to using SL.
good luck
Note
Target reached but i did not close my positions. because i am expecting a huge spike up at the break of this 9k level. we may as well re-test the red trend line again before the squeeze out and that would be another buying area. so if you missed the last signals, wait for that one.Note
so the HUGE SPIKE i expected has just happened. i hope you got in when i called the signal. if not yet, do not worry , never too late.Note
Update
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