So the market is pulling back, now what?
After a very successful March, the market seems to have slowed down, now what do we do?
First off let's have a look at BTC as it king and the market usually follows it.
Weekly Chart
As we can see BTC broke up above the black trend line and found some resistance at the 50 MA. Currently, it is sitting just below the 50 MA, but above the trend line. If it closes above the trend line, I think it is then just a matter of time until we also break the 50 MA.
Daily Chart
On the daily we can see that BTC has formed a channel is moving upwards. From this perspective, I believe we could see BTC come down in the next few days to the 5260 range, touch the channel or the trend line and bounce from there. Another scenario would be to go sideways until the MAs catch up and the bounce upwards.
4H Chart
On the 4H chart, we can currently see that BTC is bouncing off the 50MA. However the volume profile and given that it is in the middle of the channel I do not foresee a current strong bounce at these levels. My prediction is that it will follow the line that I drew. The MACD is still pointing downwards.
1H Chart
On the 1H chart we saw a bounce on the 100MA and BTC looks like it wants to test the 50MA. As it is sandwiched between both the MAs, it could easily break downwards or upwards from here.
Summary
For my Summary i would like to share a recent tween from Venturecoinist:
I agree that this is not the time to be catching knives. I am holding BTC and BNB. I am confident with these two coin and I do not mind if they Dip around 5%. However if they start to challenge the trend lines below them, I will consider moving into USDT.
@patrickm, thank you for sharing this interesting analysis with us. I still hold my BTC long (speculative position on 1-Day chart).
Btc almost must take some victims here. There will be a lot of over leverage in the market. Those traders need to be liquidated. Efore moving higher. Based on previous years of btc behaviour, it normally mover lower at least one more time, twice or possible three more times before going much higher than it is now. I feel Many alts are slowly losing value as it becomes apparent that their projects do not create and lock in the value hey purportedly bring. Dollar cost averaging on dips is best strategy. It’s certainly not all in time just yet
yep, whoever is not dollar averaging the next few months, will regret it in the next year!
Congratulations @patrickm! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!