BTCUSD Is a BEAR MARKET starting?! Or we will BOUNCE..
Updated
Ok, bitcoin is not looking good at the moment, it fell all the way down to 9K, but is it a bottom or just a beginning of a depression period? The trendline that we just touched, seems as a very important thing. If we can bounce from there and if the support will be good enough to hold it then we have probably already seen the worst. But if not then bitcoin might easily go down to the 7000s area, and we dont want to see that. Anyways watch the charts closely!
PS: The BTC dump, mainly induced by the tether fud and facebook cryptocurrency ads ban is influencing our altcoin trades as well. That is why I dont recommend to open long trades atm. At least wait a few days for the situation to resolve.
Be strong and HODL.
PS: The BTC dump, mainly induced by the tether fud and facebook cryptocurrency ads ban is influencing our altcoin trades as well. That is why I dont recommend to open long trades atm. At least wait a few days for the situation to resolve.
Be strong and HODL.
Note
BTC fell down to the trendline that I drew on the TA, and bounced nicely. That was a perfect buy in. it may cointinue to go up to about 9500 resistance, but further downtrend is extremely possible as we are entering a bear market. You need to watch closely for a breakout of the trendline as this would probably indicate a further downside move to the 5.6-5K area.
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