$6300 BTC on a long trending descending channel support

23 paź 2019

There is a possibility a light lower line support could prop BTC back to 8k but realistically, if we come back up, its more probable to find 8k to be resistance now. Then there really isnt much between BTC & $6300, possible a fire sale for a short bit below the trend-line before popping back up. Currently the global books @ vcdepth.io show BTC signalled the drop and now show BTC to be in fairly oversold territory now, but its not uncommon to see a global MDR well above +20% before buying returns some sanity to the markets.

This is not investment advice, only making observations and sharing them, perhaps helping someone else see something they didnt see or someone else showing me something I overlooked. I am full time working in crypto daily and dont have time to be an active analyst or TA content provider.

24 paź 2019

Uwaga

It does seem possible we could return back to the top of channel while still staying under 8k and continuing a gradual decent. If we can regain 8k then we have late November, early of December where top of channel and historic 8k support would meet and give the best chance for a break upward out of channel and out of this downtrend we have been in since 14k.

But for it to go up now, not only do we need it to regain 8k but we also really need it to break through that top of channel. For it to go down to bottom of channel, there is pretty much no historic friction to intervene. This is why I suspect $6300 in the short term. I hope for a hard bounce back up to above 8k after that and before the intersection of 8k and top of channel.

Personally, I see 6300ish as a good place to try to catch bottom of channel to trade the channel. Please DYOR, this is not investment advice.

24 paź 2019

Uwaga

Also note, the longer it takes to get to $6300 the more probable it will be $6250/$6200. Looking at $6300 assumes fairly fast ripping off of the bandaid.