March Madness! (and I don't mean basketball) Bitcoin and Many Other Cryptos at Critical Levels
Well, this month has certainly been interesting thus far. I'm sure fellow crypto holders are feeling a little lighter in the pockets after the past couple weeks.
It has been quite the ride and now it's getting a bit suspenseful! It kind of is like March Madness!
If you are unfamiliar - March Madness is a college basketball tournament where 64 teams play until there is just one winner. And it all happens in the span of about two weeks!
Today was the tip-off of the tourney and usually I binge watch it, but we are having a Florida steemit meetup going from basically now through Sunday! First time in 20 years I'm not watching the games.....no one can say I don't have love for my fellow steemians! :-)
Bitcoin Bounce?
Ok, onto what you guys actually want to read about!
Bitcoin has come down to the long-term moving average line that I have referenced in the past and so far today is bouncing off of it.
This is good! Holding that trendline is important as a breakdown means we likely see 6K again.
Outlook
On the flipside, you see that after breaking out of that descending channel price fell back into it and then failed it's next attempt to breakout.
Thus, we basically have a HUGE triangle pattern (yeah, the good old triangle that every analyst seems to throw around lol)
So basically we are coming to a moment of truth in the low 8,000 area.
Upside targets are still 10k and 11.5k, respectively. Though the 200 day MA at 9,100 could acts as some resistance as well.
Recap
Downside Risk: 8k (or break of long-term uptrend line) then 6k
Upside Potential: 10K (psychological level) and then prior top around 11.5K
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
When moon??
You are gonna be waiting quite some time.
I started adding positions in recent days. I'm not expecting previous all time highs but even a portion of that would mean great gains.
Yeah, I added some ETH when it bounced off the 200 day moving average on the daily chart. Hoping for a little follow through to take some profits.
I also added my initial position in eth at the 200. If it further falls below that, I may add more.
Nice. My add was for a trade. If it cracks 570 I'm stopping out, looking to take profits above 660. Just trying to make a few $$$ while holding my core position.
Still a minnow, new to this 😊😊😊, please come to our level sir. Thanks for the Post
So the traders or speculators are pulling out of cryptos. That drives down the price of Steem and SBD's?
More like some retail traders, speculators and others are pulling out of Steem and SBD so price goes down and up when they buy more, usually.
Thanks @hanamana. You would think Steem would be more stable than the big coins, but it's not.
It will all be down for a while, no doubt, but I believe it will skyrocket again. The question is, can you hold onto your crypto until then? Patience wins the crypto game.
The only thing I would recommend is to dollar cost average into your favorite cyrptos maybe monthly