BTC took an exciting turn today showing multiple signs of future upwards movement if you look at the technical analysis side of things, however, market manipulation is still in play so to call this a buy right now is hard to say.
Technically its all showing signs up up up up!
We can see on the chart below a wedge formation which has now hit its third and most commonly FINAL touch on the bottom side of the wedge.
Fibonacci Shows $8000 as just below the 61.8% retrace level and with $8000 being an extremely strong level of support.
Id take a good bet that we will see at least a move up into the upper side of the wedge pattern into the $12000 level if not through the wedge to continue its way back up into highs!
Finally the volume spike into 61.8% Fibonacci and the bottom of the wedge also shows a sign of a final push to the down side shaking out the rest of the big institutional sell-off.
I like BTC for a buy around this level for the short term and see how price reacts when we see $12000 for a potential continuation breakthrough, We wont sell at $12000 but we will watch volume and price action up into this level and update a new post when we see that level. For now im buying more and HODL on my current position.
Buying at this lower level also averages down your overall position price which has proven to be an extremely effective, but sometimes risky trade management technique. When used with extreme patience and a clear, emotionless trading perspective it can see incredible results in helping to manage a loss from the dump and also doubling up on potential profits.
Institutions will be doing this exact same thing. Follow the Whales, learn their techniques and manage your trades as the smart money is!
FIG.1 The wedge, the 61.8% ($8000 mark) the 3 taps on the bottom of the wedge, the volume spike and also notice that the range between the touches on the wedge shortening, showing sellers becoming less active!
