My time for doing TA is about to be drastically cut as I have actually found a job for the first time in 7 months:( But, here’s a quick BTC update after looking it over just now.
I am not expecting a whole lot until the long term downtrend line is under the heavy resistance zone. Why? Because I believe we need to break each one separately. The combined force of both of them at the same time is simply too much resistance. So I believe we are going to wait and break the downtrend so we can use it as a foundation support line to test the heavy resistance.
My personal opinion on the window for breaking that resistance line is March 25-April 9. That is a completely subjective guess based on proximity to the resistance area for max effect for using it as a spring board to punch through. If we fail to break above the downtrend, then we could fall all the way down to the yellow wedge support. If that doesn’t hold, then we start talking about the mid-low 2k range…but I will reiterate and stand by my previous statements that I believe the bottom is in and we won’t be seeing those prices.
Clarification, that Mid January resistance line is from 2018, not 2019. So it’s a biggie.
