I see a lot of analysis that pins BTC into a downward channel with the most recent rejection at 11,800 occurring at the top of that channel. I view the downtrend to be over and I believe bitcoin is trading in a new horizontal channel. Essentially it appears to me that BTC broke out of a descending channel and became range bound.
If you step away from the technicals for a moment this makes sense. The pump to 20K was a gigantic FOMO move. There was a dead cat bounce to 17 K and then mass FUD sent the big monster tumbling down to 6 K. By that point the credit card traders were cut-off of coinbase, the weak hands had run for the hills, and many early adopters banked their profits. Now we are in a new trend with a more cautious approach. I would suspect that the average crypto consumer will be less likely to take a line of credit on their home or dump their life savings into the space head first. We survived Korean FUD, USDT FUD, BItconnect Ponzi Scheme FUD and more. This is a pretty solid showing. BTC flexed its resilience. We have strong buy support at the 9000 range and strong sell resistance at 10,000 +. The dust is settling, the FUD has faded and curious traders new to crypto who are dipping their toes in the water via Robinhood and other exchanges are providing more access as well.
This is a pretty solid set-up for an altcoin run. Altcoins are still deep in the tank and if people have confidence in the new horizontal BTC they will start pumping life back into alts.
Congrats. If you are reading this you probably survived the great crash of 2018 and now its time to have some fun and make some dough - cryptdough
If you step away from the technicals for a moment this makes sense. The pump to 20K was a gigantic FOMO move. There was a dead cat bounce to 17 K and then mass FUD sent the big monster tumbling down to 6 K. By that point the credit card traders were cut-off of coinbase, the weak hands had run for the hills, and many early adopters banked their profits. Now we are in a new trend with a more cautious approach. I would suspect that the average crypto consumer will be less likely to take a line of credit on their home or dump their life savings into the space head first. We survived Korean FUD, USDT FUD, BItconnect Ponzi Scheme FUD and more. This is a pretty solid showing. BTC flexed its resilience. We have strong buy support at the 9000 range and strong sell resistance at 10,000 +. The dust is settling, the FUD has faded and curious traders new to crypto who are dipping their toes in the water via Robinhood and other exchanges are providing more access as well.
This is a pretty solid set-up for an altcoin run. Altcoins are still deep in the tank and if people have confidence in the new horizontal BTC they will start pumping life back into alts.
Congrats. If you are reading this you probably survived the great crash of 2018 and now its time to have some fun and make some dough - cryptdough