A Minor BTC Correction or The Build-Up to Something More?
The relentless bear trend of the crypto markets has pretty much lasted the entire year of 2018. And leading the charge downwards has been Bitcoin, as is almost always the case. However, this situation can't last forever. Something has got to give and there are signs on the charts of a possible bottoming. Another fake-out or the real deal?
The daily chart is a good indicator of medium term prospects for price. And as you can see, the blue moving average line is pointing at a slight incline. Not only that but the MACD below also seems poised for a move higher. Now, in terms of a "real" reversal, it is impossible to tell at this stage. However, if you look at the recent surge in price of Factom, the market didn't hang around when the upmove occurred. It literally bolted out the stables as price levelled out over a few candles. So, who knows if the same can happen with BTC this time round. Again, it's maybe nothing to act on at this precise moment but good to keep in mind over the upcoming days or weeks.
As I mentioned, we've been headed down for so long now that I can't actually recalled what the bull markets felt like anymore, lol! But here we are and so be it. Analysing and strategising are key in preparing for the inevitable turnaround. And in that, the longer term time frames provide valuable information to this effect. However, the weekly and monthly charts certainly don't look too pretty. Especially the MACD on the monthlies where we are heading down fast and showing no signs of momentum slowing. So this bear market could well drag out for a while. But that doesn't mean a short term opportunity isn't on the table for a quick buy back or at the very least, averaging your position from here.
One thing to remember is that, even though these are crypto currency markets, all charts across the board move in a similar fashion. Be it the Nasdaq, Forex, or Dow Jones. There will always be overbought or oversold levels, extended periods of stagnation and price movement or general market sentiment being pulled one way or the other. That's what we're dealing with here. A huge mass capitulation event that will shake all but the strongest hands out the market. And when that is achieved, a massive bull run will activate. It's almost a given, especially around these low market levels.
So don't get caught up in the moment and expect things to remain statuo quo like this forever, even though it may feel that way. The overall technicals clearly show how far we've fallen from grace and my advice is to be prudent on picking up on the smallest of market changes day to day. Soon one of them will provide for the catalyst to the upturn you've been waiting all this time for.
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Great post. All i know is that tue price is still going to rise up very soon so we should just have faith in it
Hopefully, buddy. :)
@ezzy holding fast to our position . It's neck or nothing..
Time to HODL!