Bitcoin Outlook February 7

Crypto Market Update:
The past 48 hours have been WILD for Bitcoin and crypto as a whole. We have had so much volume during the decline from $8,000 to $6,000 to the bounce back to $8,000 (where we are at now).
I have been sharing with you guys potential buying options and explained again in the shared video, which is why it is very important to avoid going all-in at a certain price level ​because while a support may be strong and can bounce off a few times, it can always be broken. I bought in small bags at 9000, 8000, 7400 and my biggest bag at 6000. Because of that strategy, I am currently at a positive even though my first buy was all the way at 9000. This is a good strategy to play.
Fundamentals:
Looks like much of the FUD has been going away. This is expected since bad news does not last long, especially in this market. Remember China banning ICOs? Yeah, we still went on a HUGE bull run after that. In addition, the SEC looks very optimistic, and they decided to explain what the term “HODL” meant instead of crushing the crypto market. Many companies, like Wal-Mart, are beginning to adopt blockchain technologies in their supply chains (according to WSJ).
The stock market crashes around the world reminded us that EVERY investment, not only crypto, has its risks and that is why one should never invest more than they are willing to lose. Without risk, ​however, there is NO reward.
Technical:
We are STILL in a downtrend, something worth mentioning in the medium term (3 months). And on a huge bull trend if we zoom out further. It is all about timeframes and what your goals are int he short and long-term.
In the 1-HR timeframe, we have not been able to break this month-long downtrend line (shown in red). We broke it once, but it turned out to be a fake breakout after FUD happened. Anyway, we are retesting this resistance at 8500 and have not been able to break it twice in the past couple of days now. Perhaps we will go back down to the pink line before bouncing back up and forming the right shoulder on a potential inverse H&S formation.

Right now I am sharing entries and exits on Bitmex (on low leverage to protect capital) to accumulate more BTC to prepare for a more aggressive altcoin trading.

Stay safe out there from scam operations and never invest more than you are willing to lose. Hope this helps out. If you have any questions about group or explanation, send me a DM to @crypto_bull. Also, follow me on Twitter twitter.com/bullofcrypto

Best,
Crypto Bull