Bitcoin Bear not Entirely off the Table Yet.
Hi traders, I am back from my vacation and ready to sink my teeth into the market.
Here's why.
Bitcoin had a really nice V-bottom bounce from $6000 and is currently testing bear resistance at the $11k level;
As you can see on the chart, we're not technically out of that bear channel yet which is why I have elected to take profit at this level in case we're unable to break above resistance;
Finally I'd like to warn everybody against Bitcoin FOMO. I've seen some outlandish and borderline irresponsible claims on YouTube that Bitcoin could hit $64k by August and while this is certainly possible, as traders we like to stay away from this type of speculation and take profit while we can in a disciplined, professional manner. So if you were lucky/smart enough to buy around $6000 you should definitely take some profit now in case the market does turn bear.
Cheers
PS: Sorry, I couldn't resist:
You think it will take another dip to the ~$6K's before it breaks out?
Hi @crispycoinboys, if we break the immediate trendline, I think $9000-ish would probably be next, the price could consolidate there for a few days/weeks before we get a real break out but this is just speculations, as for now I am just trading based on my plan and what the chart is telling me :)
Makes sense, thanks.
No worries :)
Depending on how you've drawn the bear trend, there is still a chance price hasn't hit it yet.
True @luiggih, there is some wiggle room there but what I like about BitcoinWisdom (over Coinigy for example) is that drawn trendlines automatically "lock" onto the top of candlewicks which makes them much more accurate (if that makes any sense), feel free to post an alternate chart here though, TA is not an exact science and I welcome discussion :)