We're Not Out Of The Downward Trend Just Yet - Crypto Diary #13
We're not out of the woods just yet people. But the past two weeks have been an encouraging sign that crypto could be heading out of this slump and onto bigger and better things for 2018.
I re-downloaded Blockfolio the other day and I'll be sharing my portfolio percentage gains as well as my opinion on when price action will really break out in the coming weeks.
WEEK 13
Total Portfolio Profit: 138%
If you've ever read this series before you would know that I was up over 300% at one stage. So that's a thing.....
I'm glad that there's been a positive rebound in price action after the minor crash we had over the past couple months. However, I believe that we need to see one particular thing happen before we know that we're back in a bull run drivers seat.
THE MAGICAL BTC RESISTANCE LINE
At this stage BTC is still a big barometer for how the market is going to behave as a whole. It went into free fall, the whole market went into a free fall.
Since it's been in free fall (and even on this rebound) BTC has stayed within a wide down trend channel. Below is said picture of this downtrend channel.
I want you to note the bright and bold pink line. This signifies the top of the downtrend that BTC is still currently in. Depending on what date you look at it through, the line is crossing around the 12k mark. It is of my opinion that we must cross the line, and cross it strong for confidence to fall back into the market, and a new bull run to start.
Technically we're still in a downtrend, so we can't get our hopes up too prematurely. I think that we will break this line in the coming weeks, but it would give me a lot of confidence if it broke and didn't retrace back at all. This is something I will be keeping my eyes on closely. So don't worry, you don't have to.
Hope your portfolio is feeling the love.
Thank you for this reminder. Although I am happy to see Bitcoin recover from the minor crash, I am hoping that the rise will not be too fast or it might get newbies to FOMO and whales will start cashing out quick gains again. I hope that more governments will welcome crypto with an open mind.
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Good informative post thanks. Personally I agree think there is still a slight pull back to come.
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