Ok so I have been warning about the Bitcoin (BTC) coming downtrend since the day before it happened as you can see from my previous 3 or 4 posts about Bitcoin here in my steemit account. I said I sold most of them at $3380 as soon as two hourly candles closed below moving averages. Then I made another post saying I bought back at $3266 & that I had another automatic buy to buy some more at $3160 if the price hit that target while I was sleeping. The price never hit that target so it's fine. At least we've flipped most of the expensive Bitcoins we bought recently. So I think this crash was a good opportunity to start fresh after sitting aside for 2 months ;)
In my last post for BTC I said that if the red support line was tested & the price didn't hold there, we would continue to free fall down to the next fib level. That didn't happen, that line hasn't been tested so if from here we continue to go up that means we had a 38% correction from where the parabolic movement started a few days ago. Not bad. Expect bigger corrections the higher we go, tho ;)
The situation for Bitcoin now it's starting to look better, two candles already closed above MA which is a strong sign that we are back up-trending again. The more candles closing above MA the better. And from here we can only wait for the next jump up to $3500 & $3600
Of course there is always the chance of BTC going back down to test the red support line, but as I said the more candles closing above MA the less likely is that we are going down, and we always want to play with the odds in our side no matter what. If we're wrong we take our loss ASAP & keep playing it the same way.
OK guys, remember I'm here only sharing my experience, if I lose money is not your business & if you lose your money it is not my business, so if you follow/copy my trades you should only invest any amount of money you're OK losing!
I'll keep updating here for any movements or change of direction as soon as I can detect it.
Thanks for reading and I'll see you soon xx