After being disappointed by the failed rally, and the subsequent drop to sub $7K (soon to be $5k IMO), I think it's best to take a big step back from it all.
Note, this is my first chart.
So bitcoin loves pennant formations. We've seen them time and time again for the past few years. What we have here is two pennant formations that have formed inside of another massive pennant.
Using major resistance and support lines I see a short-term rebound to $8K, where we get duly rejected. This rejection will send us south out of the lower pennant support line and will exhaust/complete this 2019 rally, sending us into a further bear market where we base off the long-term support line, somewhere in the $5K range.
After analyzing the volume of the 2019 market, along with the general popular interest (using Google trends), and the 1W MACD I think it's safe to say bears own the market, for now. Unless we get some massive macro-economic occurrence that sends crypto surging I believe we are range bound by this pennant well into 2020 and possibly into 2021.
Very short term LONG
Medium term SHORT
Long term LONG
Depending on your level of faith and value of your money it's up to you whether you want to ride it out or exit and sit on the sidelines.
Note, this is my first chart.
So bitcoin loves pennant formations. We've seen them time and time again for the past few years. What we have here is two pennant formations that have formed inside of another massive pennant.
Using major resistance and support lines I see a short-term rebound to $8K, where we get duly rejected. This rejection will send us south out of the lower pennant support line and will exhaust/complete this 2019 rally, sending us into a further bear market where we base off the long-term support line, somewhere in the $5K range.
After analyzing the volume of the 2019 market, along with the general popular interest (using Google trends), and the 1W MACD I think it's safe to say bears own the market, for now. Unless we get some massive macro-economic occurrence that sends crypto surging I believe we are range bound by this pennant well into 2020 and possibly into 2021.
Very short term LONG
Medium term SHORT
Long term LONG
Depending on your level of faith and value of your money it's up to you whether you want to ride it out or exit and sit on the sidelines.