BTC has spent 2019 in a “spike then consolidate” pattern, and that’s no different than what we’ve seen over the last few weeks.
After a spike down from $10500 to $7700 in Oct/November, price consolidated around $7000-$7500 then spiked down to test important support at $6500 but quickly recovered. This sort of market requires patience and careful position management. In other words — real trading discipline where we’d like the highest probability entries with the least risk possible.
Today COULD present one of those set ups, so subs should be watching closely. As the chart below clearly shows, were seeing another spike that has already gone lower and higher than yesterday with increasing volume.
This might be more headfakes, but remember, historical patterns and the reversal pattern on the weekly chart “not shown” both say Bitcoin has the potential for a strong upside move during this set up. If you believe in those patterns, today presents a SAFE TRADE opportunity with good short term targets and potential to go much higher.
Trading safely here is highly recommended because things can also turn ugly in this set up very quickly. Remember, BIG MOVES often come from failed patterns so define all trades and respect all stop losses.
ALTCOIN UPDATE — No indicators that Large altcoins have higher upside or could move in a differnt pattern than BTC at this time, so no charts shown.