Alert - BTC - Hang On We May Have A Reversal
This is a 30 minute chart for illustration purposes. I've been referring to 4 hr and 1 day charts until now.
BTC just bounced at the intersection of the descending wedge and the lower line of the larger price triangle as I had outlined in the last email This is a very hopeful sign for an end to the current down leg.
Looks like the shorts lost their shorts in this one! That is why I never ever do margin trading.
A close of the 4 hour candle over the 8160 Mark would be a real plus to confirm an upward trend.; Just beware if the climb it too parabolic there will be a retracement. However I would expect the retracement from above 8160 to fall and bounce off of the 8160 line and resume upward. This could be a trade setup for short term traders.
Disclosure, I've put half of my trading funds into BTC at 7800 and the other half is still working spread trades as a hedge.
Remember, I keep most of my funds in long term investment of our portfolio For that reason much of my investment in blockchain is currently at a paper loss. I'm not concerned by this it's only temporary. I've held the bag on stocks for many months util they recovered in the past. By comparison, blockchain investing is light speed.
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