With All the Hoopla and Craze Bitcoin Is Still Above 20K

Funny how a little over a week ago everyone was freaking out when bitcoin touched into the 17K area.

Now here we sit above the 20K level everyone was sweating so hard and still don't have a weekly (or monthly) candle that closed below it.

This is not to say I'm bullish, but sentiment just a week ago was bitcoin is done for and going down to 10K.

Bearish Chart, but Technically Holding...

The above chart is a weekly timeframe. We clearly see the downtrend in place by looking at the all time high price and following it down and to the right.

Based on this, there actually is no technical signal to go bullish. At the moment it is holding a key support, which is important and the first step for things to turnaround.

Hell though, even if there is a bounce price would need to break out of the descending channel it is in for price action to swing away from bearish.

That would likely mean a break of 25 or 26K just from eyeballing it. A bounce I would gladly take.

Personally I am still hoping for lower prices. After acquiring more at 19,100 and 18,400 I am likely not going to buy more unless we see fire sale prices at 14K-ish and below.

Thus, I am happy either way. If price goes up my bags grow. If price goes down I have a potential chance to get in at a much lower price. Now it's just a wait and see approach.

Posted Using LeoFinance ^Beta