Here to a mega realistic take on BTC. BTC has been giving the direction to the whole market and you shall watch for him and him only to tell you when it's your time to take on the bull by the horn. Well let me tell you the time hasn't come yet. Keep stalking your prey like a hunter, your sniper shall be ready for that sure shot. BE PATIENT!
Let's dive in straight to the point. We're looking at BTC on a daily chart here because daily's has been the best time frame for BTC. Daily gave us spot on confirmation in the past through those beautiful Bollinger Bands and that sweet SMA200 (big blue ligne). This analysis shall be very simple has I believe the simpliest analysis are the best of em in that cryptoworld where TA usualy end up being useless.
Fellow trader, let's be real, BTC is going down. I said it. We have a quadriple confirmation. Lower Bollinger Bands have been hit + White support have been broken + Yellow trend line have been broken + we're trading bellow SMA. But it's a shine of hope for us! we now eye ourselves for BTC to hit that red trendline wich is very likely. As that trendline been the main target. As I said we keep it simple. There's no way to be sure it will reach or bounce on that red line but we adapt to the likeliest scenario to make the surest shot. We stay patient. There is no bull only bear. Don't make that shot right now, your sniper bullets are precious. You shall wait for the bull to show its horn.
I'm here to remind you. TIME IS YOUR FRIEND. PATIENCE IS KEY.
(If Red trend line doesn't hold we still have that green trendline but this will be for an other TA)
I love the way your write, sir. Thank you for sharing.
ZipZapZoop
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@nemirn, And I shall thank you too for those words!
DaSmooth
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I believe 6k will hold. I see no reason why the big boys would let something harm crypto as much as letting BTC go lower, (t)(c)rashing the complete market. It would also kill the bounce they are looking for themselves to make bug bucks since the harm that will do will take years to heal. Maybe I'm naïve tho...
nemirn
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@TimDeleeuw, That makes sense. But maybe they are greedy for short term and crash it.
ZipZapZoop
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@TimDeleeuw, I do agree with you. My likeliest scenario would be a reversal around the 6k mark. But honestly, do we really care? As a hunter you patiently watch your prey until the moment you have that sure shot. It will come. Time is our friend and our bullets are precious. And when the time come, even if BTC reached below the 6k mark we will make that sure shot. So sit back and wait to have confirmation that the bull is now in sight.
DaSmooth
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@ZipZapZoop, yeah, maybe the 6k mark isn't that important anyway. This kind of retracement happened before and it only made the bounce stronger. But then again, times were different back then. Oh well, indeed, time is our friend. Patience is key. Thx for your insights!