Now that that's behind us let's look at what's to come.
Bitcoin bounced exactly off the long-term trendline at $6,500 and has taken back $7,300. Looking for some sideways movement here to establish a base at $7,200-$7,300 before we're back above $8,000.
The MACD and RSI are at pretty heavy lows on the 1D suggesting we're prime for a reversal as well.
A few twists and turns aside we're at the end of the mega pennant that uses the support trendline based back in 2015 and the pennant formation using 2017 and 2019 highs.
Once we break north of the upper trendline (resistance) we're off to new highs, some time Spring/Summer 2020.
Let's hope the nastiest is over, that was a wretched week for those long. As long as we stay above our long-term trendline we're good.
Bitcoin bounced exactly off the long-term trendline at $6,500 and has taken back $7,300. Looking for some sideways movement here to establish a base at $7,200-$7,300 before we're back above $8,000.
The MACD and RSI are at pretty heavy lows on the 1D suggesting we're prime for a reversal as well.
A few twists and turns aside we're at the end of the mega pennant that uses the support trendline based back in 2015 and the pennant formation using 2017 and 2019 highs.
Once we break north of the upper trendline (resistance) we're off to new highs, some time Spring/Summer 2020.
Let's hope the nastiest is over, that was a wretched week for those long. As long as we stay above our long-term trendline we're good.