''Denzoss Bitcoin is going up!! Should I RE ENTER THE MARKET ??!?!?''
NO! The graph hasn't given us ANY indication of a reversal pattern. We are STILL in a downtrend until it breaks past $10 700 level(red line on the graph). This is basic market structure, when a market is revisiting price areas it's been to before it ALWAYS bounce off certain levels because fellow investor and traders have money trapped at that said price and they refuse to sell it at a lost so when the price revisit that area they sell which keeps the market from just moving DOWN or UP. This is why we have to assess whether a market is or before committing to a trade/investment. This is exactly why we use . They are a visual interpretation of the general direction of the market. If a is broken but the market has NOT indicated a reversal of momentum then the needs to be readjusted.
Bottom line: a DOES NOT nullify the analysis. It means that we need to REEVALUATE it which more than often DOES NOT change a thing on the general idea of where we think the price is heading (either up, down or sideways).
So where is BTC heading long term? $4700 then on its way up to ALL TIME HIGH.
But where is BTC heading short term?
1. $9100 Area is our next major level.
2. $10 700 area is the level it needs to break in order to ''confirm'' market
I personally am thinking #1.
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