BTC retraced December parabolic move and is now consolidating around 8k mark. There was historic buying volume when we hit 6k in February. In my opinion that was smart money taking advantage of market sentiment. There are two things that are worrisome on this chart.
1. We broke long term support dating back to March 2017 which has now temporarily turned into resistance.
2. We are currently holding green support line dating back to September 2017 on low volume.
I am waiting for confirmation to add to my LONG position at this point.
1. We broke long term support dating back to March 2017 which has now temporarily turned into resistance.
2. We are currently holding green support line dating back to September 2017 on low volume.
I am waiting for confirmation to add to my LONG position at this point.