Hi everyone last week I posted a key level of 11441.65 as a potential bounce target and it was near perfect. Price just ripped off that level and even though I did it on a much higher time frame it still acted very well in spite of the depth of the sell off. I am neutral now because of how intense the selling pressure was but I am willing to entertain the idea of a bitcoin above 20,000 again, for now it may just consolidate for a while as people are still gathering information
I don't see that much of a bear trend right now, because I perceive the trend as stalling. In this photo you will see price just touch the central band and then back off. Ultimately that could be a bad thing if price wants to consistently close below both the central and lower band. That has yet to be seen.
Now its still neutral to positive. I could begin to write about how to average long positions at lower price levels, but its too early to tell because I mainly use daily and weekly charts for positions.
Best Wishes
I don't see that much of a bear trend right now, because I perceive the trend as stalling. In this photo you will see price just touch the central band and then back off. Ultimately that could be a bad thing if price wants to consistently close below both the central and lower band. That has yet to be seen.
Now its still neutral to positive. I could begin to write about how to average long positions at lower price levels, but its too early to tell because I mainly use daily and weekly charts for positions.
Best Wishes