BITCOIN Technical Analysis Jan JAN 21 2018
Hey everyone. I've decided to start doing weekly technical analysis videos for the cryptos that I'm interested in.
Mainly because a lot of the ones I see are just terrible.
TA is not a magic ball that will tell you exactly what will happen. If it were, the profits would be arbitraged away.
What TA does show you is the aggregation of market participant psychology. It shows you how many people bought and at what price. Those pieces of information can give you insight into how people will react to future price movements.
No TA is perfect. Do your own research before making a trading decision!
Here in the BTC market we see that the current downtrend we are in remains intact despite the gains of the last couple of days.
This downtrend is heading into the very long term exponential uptrend going back years. Where a downtrend and uptrend come together is a breakout point - either to the up side or the down side.
Since the long term trend is bullish, I expect the breakout to be bullish as well.
Look for consolidation over the next week or two and then a breakout higher.
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