Taking a look at Bitcoin today, we're still in the same downtrend we've been in for the last 2 months. From a technical standpoint, we still appear to be bullish as the long term trend is still upwards (hitting new all time highs at 10k just a few months ago was a feat in and of itself). If you were patient during this downswing you might have found the spot you were looking to re-enter, under $9000. We should all be paying attention closely to what bitcoin does in the coming week as many alts price is somewhat-dependent on the price of bitcoin.
Downward channel
Bitcoin has been flirting with this downward channel or "bull flag" for about a month now. It is possible we see a retest of the bottom of the channel again, at which point I have some buy orders. (Buy support, sell resistance)
Not trading IS trading
-After closing a trade, or taking profits off the top, many traders want to just put their money into something else right away, and are frantically researching (lazily) through the first couple pages of Coinmarketcap to find the "next trade". Sometimes sitting back on the sidelines and waiting for the price action to play itself out is the best thing to do.
-While this happens take this is an opportunity to identify possible reentry situation, possible entry into other trades, or to simply use the time to research. These are usually much better options than rushing into the next trade.
FINAL THOUGHTS
Bitcoin undoubtedly pushes the price action of the entire market, however, if you are in this for the long-term and truly believe in bitcoin you should be using this as an opportunity to accumulate at low-prices. Another way you can accumulate bitcoin is to trade alts, check out some of my other posts to learn more about that.
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BTC TIP JAR:
14soFE4yTKHZTE1aRUcXmTTeRmN3RLba4j
LTC TIP JAR:
LP5x8JpLYHratX6LVNY9sNUnUy3SL57CqN
ETH TIP JAR:
0x359637a4197D7ec9787DFaAE2316C55b943C3ECF
****NOT FINANCIAL ADVICE ONLY OPINIONS BASED ON TECHNICAL AND FUNAMENTAL ANALYSIS!!!!****