Bitcoin Remains in Uptrend Despite Pullback
Bitcoin fell below 10K and "crypto analysts" started pumping articles like the wheels just fell off. The reality is nothing of significance really occurred as price remains in the ascending channel.
Grinding Higher
As you can see on the chart price pulled back and touched the bottom line of the ascending channel before rallying to close breakeven on the day.
Price action is still bullish as the channel has not been violated. We'd need to see price close below that channel.
Additionally, even if price were to break down out of the channel in the near-term I still believe price action is strong as long as price remains above 9,500.
For now I'm just watching this ascending channel and hoping BTC rides it up and down as it progresses higher and higher.
Posted via Steemleo
It's really silly how people lose their shit over Bitcoin decreasing with some 2.5%. It's as if everyone thinks the 2017 parabolic run was all uphill with no shakedowns. The price needs to correct in order to gather further momentum and if one isn't prepared for those retraces, he'll get cleared out. It's as simple as that. No asset goes only up and Bitcoin is not an exception.
Yes indeed. I wouldn't want a straight shot up anyway...that just means a more aggressive pullback in the end. Orderly moves up and down are the best!