I've seen countless "complex" TA for the past month surrounding bitcoin , everything from around "crystal ball" predictions or using imperfect ratios with to predict a fall down to the 3-4k levels. The most powerful tool in a trader's arsenal is always the most simple one: .
Most traders have failed to plot the simple upwards sloping , which traces all the way back to September. As we can see, bitcoin has respected the support line throughout the correction. I don't see why the probability of bitcoin respecting this would fall now. I will be setting up buy orders in this range to cost average for a long term position. Remember, bull runs just like crashes always start when least expected.
The Bitcoin Consensus Conference is coming up May 14th, which lines up with the bottom and a potential run up in May. Last year's iconic bull run in May, also started in the run-up to this highly anticipated conference.
Goes without saying, this is not financial advise. Please do your own research.
ETH/USD has also almost bottomed out. This support line traces all the way back to May 2017.
Price is struggling to break up frrom the downtrend line. Also the EMA 200 is also right above the downtrend line right now. Nonetheless, I am fairly certain that our uptrend support line will hold and we can expect prices to break up before May
Gradually breaking up the downtrend line.