It looks like we completed a Leading Diagonal yesterday and begun the current correction. However, it appears the progression of the correction has corrected relatively quickly and it appears we could be finished now.
However, as has been the flavor of Bitcoin lately to have unusually deep wave 2 retracements, it's always a possibility that we could retrace further. Please keep this in mind and manage your money accordingly.
My primary long term view is still on track as long as we do not break the lower green trendline and break the lows of April 1st and February 6th.
I am biased long term bullish but I do have a Bearish count to consider if the lower trendline doesn't hold and invalidates the Bullish count.
If we do break the April 1st & Feb 6 lows the next support line (blue) is $5,978, then $5,175, then about $3,000. Please keep this in mind and manage your money accordingly.
However, I will remain bullish until the lower white trendline is broken.
Note: If I'm long term investing in a coin I will hold a portion (10 - 25%), preferably in secure storage without trading them.
Disclaimer: This is my personal technical analysis. You should not trade cryptocurrencies without taking full responsibility for your own decisions. I will NOT be responsible for any loses you may have incurred based on my TA. Responsible money allocation is key to not gambling all your investments on one or a few trades. I am now a professional trader but am still learning the hard knocks and realities of swing trading full time. I take responsibility from my own decisions, so should you.
