Gravity teaches us that whatever goes up must surely come down. Well, this has been the case with bitcoin since November Last year. We've seen bitcoin touch lows that some of us never thought possible. The financial market cycle also teaches us that there is a time for the market to be bearish and a time for the market to be bullish also. Bitcoin seems to have found support in the 18k price region and has once bounced to retest the descending trendline which is gradually becoming less steep. A break above this descending trendline could signal great times for the crypto market. In this scenario, it is possible for bitcoin to touch previous highs and even make new highs.
However, there's also the possibility of the support not holding. if this scenario plays out, we would see lower lows and the lows of those lower lows would become really possible.
As traders, it's best not to predict breakouts. We wait patiently for the market to tell us what it wants to do, and then as obedient servants, we follow cautiously the direction of the market.
#NFA
However, there's also the possibility of the support not holding. if this scenario plays out, we would see lower lows and the lows of those lower lows would become really possible.
As traders, it's best not to predict breakouts. We wait patiently for the market to tell us what it wants to do, and then as obedient servants, we follow cautiously the direction of the market.
#NFA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.