BTC : This is where you buy, not sell
Updated
I'm not a huge "wave" guy, but I do know they usually trend is moves of 3 or 5. We have a super clear 5 wave decline in place, and what could be a first major move in the new direction... now fully retraced. First moves in a bull market almost always are distrusted and sold down fully retraced. If that's what this is, you can also see we are right into solid previous support for a potential double bottom.
Further, see how the green declining trendline first acted as resistance, then as declining support after is was broken?
Now look at that blue, slightly less sharp, declining trendline... was resistance, now acting as support into those lows.
There's plenty of work left to do, and more resistance hovering above current price levels. But this is where you buy, not where you sell.
How many BTC bulls do you see right now? Virtually none.
Time will tell! :)
Further, see how the green declining trendline first acted as resistance, then as declining support after is was broken?
Now look at that blue, slightly less sharp, declining trendline... was resistance, now acting as support into those lows.
There's plenty of work left to do, and more resistance hovering above current price levels. But this is where you buy, not where you sell.
How many BTC bulls do you see right now? Virtually none.
Time will tell! :)
Note
Quick move off of that low point, and right into the first real test... price meets the resistance of the 13 day exponential moving average in conjunction with the extension of the old H&S neckline. Let's watch closely to see how it deals with this challenge tandem.Note
So far, so good. Picture perfect higher level consolidation on the declining version of the H&S neckline and 13 day EMA broke out last night. InstaPop took price right to the horizontal price and 50 day EMA next resistance. Logically, that was faded quickly. Now we need to watch that the last week's resistance has become support... and maybe, just maybe, we can trend higher.Note
The rally continues, as short interest, bullishly, still remains above long term averages. 7350-7400 is the next level to watch - where BTC should encounter both declining trendline and long term moving average resistance. But regardless, at this point, BitCoin has done a substantial amount of base building work here.
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