BTC is rapidly rising and my closed long positions at 10150 are not quite looking like the best decision but my long-term holdings are benefiting. BTC makes tremendous runs and does not necessarily have to correct however until we make a higher high and a higher low BTC is not out of the downtrend.
Yellow Trend: Current bearish trend channel
Light Blue Trend: Multi-year macro trend channel
Bottom yellow trend: Also was the neckline of an inverse head and shoulders where the target is posted in the light green box. That box also crosses with the top yellow trend line.
We need to see a higher high, above the inverse head and shoulders green box and a higher low than the 6k low we made. I assume the higher low will not be an issue...6k seems a thing of the past imo, however we still have not made a higher high during this down cycle.
This run has been great but I am still not full bull until we see candles start pushing into and above the Kumo cloud where a higher high will have been made and a break in the top yellow downtrend channel will have occurred.
Likely scenario for now seems to be some consolidation between 11.8k and 9.4k for a little bit and likely an alts season occurs before BTC next leg up. If we do break through 12k then I would look more towards the long-term light blue trend channel to guide with horizontal supports. Right now however the bearish yellow trend channel is still intact.
I have been looking at my long-term alt holdings and adding to some of those bags I am very bullish on and have lowered my BTC holdings to 25% of my overall portfolio.
Yellow Trend: Current bearish trend channel
Light Blue Trend: Multi-year macro trend channel
Bottom yellow trend: Also was the neckline of an inverse head and shoulders where the target is posted in the light green box. That box also crosses with the top yellow trend line.
We need to see a higher high, above the inverse head and shoulders green box and a higher low than the 6k low we made. I assume the higher low will not be an issue...6k seems a thing of the past imo, however we still have not made a higher high during this down cycle.
This run has been great but I am still not full bull until we see candles start pushing into and above the Kumo cloud where a higher high will have been made and a break in the top yellow downtrend channel will have occurred.
Likely scenario for now seems to be some consolidation between 11.8k and 9.4k for a little bit and likely an alts season occurs before BTC next leg up. If we do break through 12k then I would look more towards the long-term light blue trend channel to guide with horizontal supports. Right now however the bearish yellow trend channel is still intact.
I have been looking at my long-term alt holdings and adding to some of those bags I am very bullish on and have lowered my BTC holdings to 25% of my overall portfolio.