The rather orderly (surprisingly) loss of "altitude" of BTC
allows us now to plot some channels. On the daily chart
the free fall continues steady so unless someone shorts, I wouldnt touch it. Its a classic falling knife. I was curious though to see whats going with the faster time frames. The superimposed channels are the hourly and the 15 minute channels. They are both negatively oriented. If anybody wants (I dont) to buy BTC
in the hopes of going up, they should place a buy stop above these channels and immediately (if stops are hit) place a sell stop below these channels and then watch it. Lets remind ourselves: A) a channel/s validity is stronger on the longer time frame (weekly more reliable than hourly etc) B) The wider the channel the more reliable C) the more touching points the more reliable the channel. In addition so long as the outer Bollinger Bands
continue expanding dont expect significant reversals. Reversals (meaningful) almost always happen after the Bollinger Bands
squeeze for a while (called volatility
squeeze). We can try to trade the in between but the trend is down, down, down...some people now have serious "gravitational regrets"....but they were warned by many a mouth......