BTC touching the 5 year ascending trend line! Best buy op but...
Just a quick word because of where we are and my pointing out this 5 year trendline as a great entry point and the current geo-economic situation. We dont know what effect the cov19 will have on crypto, maybe Sunday was crypto joining the global stock sell off, its too soon to know and we are right at support.
Anyway, this is still the best opportunity you will have to buy BTC if this trend that has maintained for 5, almost 6 years, continues to provide support here. If we break below this in a meaningful way, things could get real bad. I normally would have zero fear about adding large here and I have added to my position today but If we drop below this line in a meaningful way, I am prepared to liquidate to USDC and wait on the sideline while markets finish crashing. I hope crypto can endure the coronavirus sell off.
I suspect if we do hold we will have one more test at the top descending blue line at most but possibly not even that high, then back down to the 5/6 year trend line one more time possibly before making its next big move. I watch the grids to anticipate support and resistance and anticipate timeline. I am still long Crypto bot on a tight stop loss from here.
Also using order book trends I was able to see the trend shift both before the bulk of the crash and as it turned around >
Consider adding historic orderbook analysis to your tool belt @ vcdepth.io
This is not investment advice, sharing my observations, DYOR!
Anyway, this is still the best opportunity you will have to buy BTC if this trend that has maintained for 5, almost 6 years, continues to provide support here. If we break below this in a meaningful way, things could get real bad. I normally would have zero fear about adding large here and I have added to my position today but If we drop below this line in a meaningful way, I am prepared to liquidate to USDC and wait on the sideline while markets finish crashing. I hope crypto can endure the coronavirus sell off.
I suspect if we do hold we will have one more test at the top descending blue line at most but possibly not even that high, then back down to the 5/6 year trend line one more time possibly before making its next big move. I watch the grids to anticipate support and resistance and anticipate timeline. I am still long Crypto bot on a tight stop loss from here.
Also using order book trends I was able to see the trend shift both before the bulk of the crash and as it turned around >
This is not investment advice, sharing my observations, DYOR!