The carnage might be over folks - fingers crossed. I think the bottom's in and I'm in good company with Tone Vays expressing similar sentiment in his latest vlog earlier today. Now Tone's a Bitcoin fanatic to the point he thinks all other coins are shit, but he's far from a perma-bull. In fact, he's one of the few people I ever see posting actionable sell-side analysis and he's been bearish all the way down. He's also a Big Swinging Dick - that's trading lingo for someone who moves markets ...
Though BTCUSD finished Friday lower, sellers were rejected below the Falling Wedge bottom I highlighted in my last post and this support has held staunch again today:
Pair is currently slightly up on the day and bulls will be looking to take out yesterday's high at 9213. A break above there would add significant weight to the case for a bottom and bring the key $10 000 level back into focus. This level is extremely important from both a psychological and a technical perspective, as the 50% of the historical range lies just short of there at $9 991.
Short term support is today's open at $8 890, with major support below there in the 7400-7900 zone. A breach of 7400 would not be good at all and would invalidate my cautiously bullish bias. I'll be honest folks, if 7400 goes, there's a chance we're all fucked and the party's over. I don't think this is likely, but someone's got to say it ...
Anyway, things are looking pretty good for the moment, let's see how this pans out. Keep your wits about you and only trade and invest money you can afford to lose.