As you all have probably observed from reading my last few posts, my enthusiasm for Bitcoin
is waning. However, as I've noted all along, as long as we remain inside the green channel, I'll hold my longs. We are about to test some important support levels once again with BTCUSD
. The first is that 50 MA which currently sits at around $2485. And then, down from there, is that lower level of my channel again at around $2465-$2470.
You can only hammer
on a support so many times before it finally breaks. I'm uncomfortable down here, but true to principle I'll remain long until we fall below our bottom green trendline
There is also the possibility that we bounce up one more time from here. I won't get my hopes up and will begin to focus more on Litecoin analysis now.
Stay tuned and as always, happy trading friends.