Bitcoin on the move
Bitcoin on the move
The crypto market has been on an elevator ride to the basement since December. It's fair to say that crypto has been a tough place to be lately, with a lot of pain being taken by the late-comers. Finally some upside is taking place.
The Stats:
Bitcoin is up 19.65%
Ethereum is up 29.54%
Litecoin is up 12.36%
Bitcoin Cash is up 17.89%
It's exciting to finally see a rise in price after being in the doldrums for what possibly feels like an eternity for those who got into Bitcoin at $19k. But, it's important to not allow emotions to cloud your judgement and assume that this is a bounce off the bottom. This movement could continue upward, however the majority of Bitcoin's momentum is to the downside at this moment. There would have to be a pretty powerful movement upward to break through.
We see a symmetrical triangle forming. Triangles can appear during both continuation and reversal moves, so one cannot say whether this is bearish or bullish. Generally, it is good practice to wait for a breakout if one were to make a trade in this situation.
We see the same pattern forming in all the major coins...
Draw this pattern yourself using tradingview and watch to see which direction this market goes!
It will be interesting to see this symmetrical triangle breakout to the upside in such a bearish environment.
If you would like to learn a bit more about traingle patterns, check out this article by Investopedia.
Thanks for Reading!
Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.
Sign up for a Robinhood brokerage account for a free stock!
http://share.robinhood.com/micahm18
Robinhood is the first zero fee stock market broker that offers free option trading, crypto trading, and much more. I make all my trades on this platform and pay no commission. This is a zero obligation sign up. All you need is your personal information such as your ssn, birthdate, and your name. Robinhood is an SEC and FINRA regulated company. Robinhood is fully monitored and registered with the SEC (securities exchange commission).
1 in 150 chance of getting a Facebook, Microsoft, or Apple Stock
1 in 90 chance of getting Ford, snapchat, or AMD stock
100% chance of getting a free stock
Robinhood... Taking from the rich, giving to the poor...
Follow me on social media:
Check out some of my most recent articles:
The Most Effective Way to Invest in the Stock Market
Why Saving Cash Will Make You Poor
Intelligent Investing: Becoming a Shrewd Investor
Cryptocurrency Market Update
How Do Gold and Silver Fair During Asset Deflation and Economic Recessions?
Wyckoff Logic: Finding Entry into a Market
My Portflio Strategy
Bitcoin: Testing Major Resistance
Yamana Gold (AUY): An Undervalued Stock with a lot of Potential
The Case for Precious Metals and Mining Stocks
I definitely agree with the analysis, with the price funneling into a point where we will see a breakout. Up or down I wonder though. I think it will be up, but we will see.
I'm definitely upvoting and following you!
It's hard to say. We will have to wait and see. During the last bear market bitcoin went as low as 85%. I think it is likely to mimic it's past and get as low as $3,000 (-85%). That might seem low to you, but I think its possible once market participant sentiment is hammered down after months and months of decline.
UPDATE:
Bitcoin is starting to break out to the upside from this triangle pattern.
Resteemed your article. This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch