Break Down First or Full Steam Ahead?

2020년 2월 17일We dropped to $67 which in a previous post I said wouldn't be surprising to hold up instead of the $62 level. This is a good sign because it means if we fall from here, we should still have heavy support at the $62-63 level.

If we hold at least the $62-63 level, I believe the next target will be $95-100, maybe a little over since it'll likely be exaggerated from what I'm envisioning in some way.

I still think we're in uptrend mode. The only thing that would violate that is a dump lower than $50. If that is the case, we'll be relying on the long term trendline to hold around $40.

Look at the related chart for a chart describing what I mean by uptrend. We just came out of an accumulation period and historically the uptrends last a little longer than this and I think BTC halvening hype might peak around mid-late April, starting a distribution phase until an ultimate downtrend starting in late May until late August/early September. Then I see us where we were in October 2016 and we could see a steady year+ long bull market. As we all know (and if you haven't accepted it yet you probably should) the crypto market as a whole moves with BTC, which is why I think the BTC halvening news will effect the entire market, not just BTC.

Big talk from a scrub who's only been staring at crypto for 2.5 years

I'm not super technical by any means, but I'm trying to find something that works for me.

Let me know what works for you guys in the comments