Another day, another dodge-ler. Bitcoin dodges hidden bullish divergence confirmation on the daily timeframe yet again as the bears continue to drive the price down. Remember that prior to confirmation, the swing low will need to confirm with a subsequent candle who's wick and body remain above the daily low. We have had 10 straight candles with the wick and/or body lower than the prior day, with today's candle looking to make it 11.
If this leg down continues to 5750, then the macro bear market is confirmed as it will put in a lower low than the last wave down in June. If you have been reading my articles, I firmly believe the bear market is still on and have been trading accordingly.
So far, I see no reason to change up the trading plan - I fully anticipate price markdown to the 5500 area followed by a weak relief bounce to ~6080. There is a chance that the bounce could actually use the 6080 level as support and bounce to the top of the falling wedge around 6650, so that is something to watch out for when we get near the 6080 handle in the next few days.
As I've said, I believe the bottom for this market cycle is in the 3500 range which will likely happen in an extremely high volume, short-lived bonanza - a capitulation bottom. As we get closer to this level, it's probably not the worst idea to start hedging bets and putting in bids at higher support zones just in case the 3500 target doesn't hit. The 5750 area is a great place to grab some to sleep easy at night. Remember that TA is a bit dicey and although I'm quite confident 3500 will be the bottom, there are other zones above it that may act as heavy enough resistance to hold bitcoin up, for instance the 4800 area. As traders the goal is to buy low and sell high, but don't get too greedy and miss out.
And remember that if you're buying at 4800, it means someone is selling at 4800. That person will be deeply regretful. Bitcoin needs to change hands to the most responsible parties who will hold and cherish it. Those who give up on the way down don't deserve the glory around the corner in 2019. It's a common mantra, but use the bear market to hone your trading skills or read more about the technical aspects of the bitcoin protocol. There's nothing else to do from a trading/investment standpoint so you may as well make the time worth it and invest in yourself, invest in more knowledge.
Also, if you're not at least running a full node, strongly consider it. Running a node secures your transactions, helps support and decentralize the network, and gives you a stake in the governance of the overall bitcoin protocol. It's also fascinating to know that you have every single bitcoin transaction since the genesis block stored on your computer. You have the entire history of free banking in your possession and every 10 minutes you are helping add to it. It's incredibly simple, just go to bitcoin.org then download and sync the wallet! Currently there are 9,341 full nodes. That's quite a few, but it's still thin air. Be number 9,342 and support free banking.
It seems like I've gained a bunch of new readers recently, so for all new guys/gals please feel free to reach out if you would like me to cover anything specifically. If you would like a more 'beginner friendly' explanation for something, just ask! I'll try to explain what I can in the platform of a short article.
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BTC: 34DsCV6m9cHez73nYDzVUk6D82yiqhKrWg