Bitcoin´s price has reached the buy level described in my previous analysis "Bitcoin - remember we´re still correcting". Most people are calling for forther correction now and buy level at 8000 USD or lower. But I don´t see a reason here, today we have hit the support of the long term trendline.
If my trading was based truly on technical analysis, I would say "hooray, we have reached the bottom, let´s buy!". And it is so, because as I have described in one of my previous analysis, TA is here only to show us important levels, where we can buy and sell. The support zone of the long term channel is HUGE sign to buy.
Another bullish argument could be based on EW - we have done correctly 5 waves in december and until now it was typical ABC correction, where the C wave was quite brutal, but it is supposed to end on the support zone of the channel - WHERE WE ARE RIGHT NOW!!
But when you check only one side of the problem, you ale half blind, so let´s also see bearish arguments:
1. Tether complications - here can come huge media press on cryptourrency leading to big selloff of people newly coming to Crypto. On the other side, I´d say that these weak handed people have sold already - we have corrected more than 50%, that´s something brutal for people not used for cryptocurrency
2. But the main argument is market sentiment - we can see it even here on Tradingview where most articles call for lower levels. That affectsother people and leading to bearish market.
When I consider these reasons, it can happen that Bitcoin will cross the long term trendline and fall under it for a while. That´s why I have decided for the system of systematic buying on important support levels:
NOW - 20%
8000 - 20%
7300 - 20%
5700 - 20%
in case of lower levels: 20%
If the price bounces up on one of these channels, I will update with buy levels above the mid term rezistance trendline.
Have a nice trade!
If my trading was based truly on technical analysis, I would say "hooray, we have reached the bottom, let´s buy!". And it is so, because as I have described in one of my previous analysis, TA is here only to show us important levels, where we can buy and sell. The support zone of the long term channel is HUGE sign to buy.
Another bullish argument could be based on EW - we have done correctly 5 waves in december and until now it was typical ABC correction, where the C wave was quite brutal, but it is supposed to end on the support zone of the channel - WHERE WE ARE RIGHT NOW!!
But when you check only one side of the problem, you ale half blind, so let´s also see bearish arguments:
1. Tether complications - here can come huge media press on cryptourrency leading to big selloff of people newly coming to Crypto. On the other side, I´d say that these weak handed people have sold already - we have corrected more than 50%, that´s something brutal for people not used for cryptocurrency
2. But the main argument is market sentiment - we can see it even here on Tradingview where most articles call for lower levels. That affectsother people and leading to bearish market.
When I consider these reasons, it can happen that Bitcoin will cross the long term trendline and fall under it for a while. That´s why I have decided for the system of systematic buying on important support levels:
NOW - 20%
8000 - 20%
7300 - 20%
5700 - 20%
in case of lower levels: 20%
If the price bounces up on one of these channels, I will update with buy levels above the mid term rezistance trendline.
Have a nice trade!