BITCOIN UPDATE
When bitcoin violently fell from its high a few days ago, it got me questioning whether this was "it," the end of the mighty crypto bull run. With more data on hand and with a cooler head, this does not seem like IT.
Altcoins for the first time traded as a whole market, coins took their queue from bitcoin with major crpytos following the same downward trading range as bitcoin. Speaking of data, the downward trading range is very important. From my years trading in equities, I know that downward trading ranges are bullish on the medium term. Buyers are patient while sellers are aggressive. Lower lows and lower highers are made. It comes to the point where selling becomes exhausted and buying overwhelms selling.
The first circle was the breakout. The second was a retest of resistance turned support. Right now coins are at a decision point; they can decide whether to take us past horizontal resistance or push us back down to support. A break of resistance would challenge the arrow.
Altcoins for the first time traded as a whole market, coins took their queue from bitcoin with major crpytos following the same downward trading range as bitcoin. Speaking of data, the downward trading range is very important. From my years trading in equities, I know that downward trading ranges are bullish on the medium term. Buyers are patient while sellers are aggressive. Lower lows and lower highers are made. It comes to the point where selling becomes exhausted and buying overwhelms selling.
The first circle was the breakout. The second was a retest of resistance turned support. Right now coins are at a decision point; they can decide whether to take us past horizontal resistance or push us back down to support. A break of resistance would challenge the arrow.
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