I have been extremely bearish on bitcoin here recently - but I think this may be the bounce that I know some people have been waiting to see. My personal thoughts were that it would fall between 5k-6k, but I can definitely see the bullish argument, for at least a little while anyways. Until bitcoin manages to break the final resistance trend line, I am going to remained skeptical for however long it takes to play out. However: 1. It is showing the classic inverse head and shoulders reversal pattern; 2. It just broke a main resistance trend line that's been in tact for over a month now; 3. The SMA 40... why the SMA 40? Well, I was experimenting with moving averages specifically for bitcoin where the price consistently popped up through the moving average in areas I would normally draw trend lines - that's my style, I trade the trends. SMA 160 seemed to catch the final trend breaks before the full on reversal, so they work very nicely with bitcoin (at least, for the things I am looking for). If you go back and look at past reversals on corrections they are spot on. Bitcoin is dropping as we speak, but this could very well be the time to wait for the bottom of this fall and BTFD...
It appears it could be setting up for a dip and rip...
Guess we will see
It appears it could be setting up for a dip and rip...
Guess we will see