Published 2 February 2020
Chart published on Trading View.
Life and people can sometimes get overwhelming. A little break with focus on myself and Purple Crypto Premium was necessary and oh, so worthwhile.
I gave myself a two week ‘Mandatory Time Away’ break at the end of December. But fear not, Purple Crypto Premium was not on leave!
I did occasionally (during boring season) keep track of what the market was up to – a whole lot people of screaming about breaks of their channels, some people screaming about going short while others about going long.
In the meantime, it was fun watching Papa Bear’s movements. If you hadn’t liked the chart below, you would have missed out on the update I posted there where I shared my very own BTC channel last month.
Papa Bear seems to have progressed nicely in that idea, hitting the projections as marked, albeit a little early. Presently, it sits at the top of the projection, and on the chart in this idea, it has hit the top of my channel.
I am one for long on Bitcoin >>for the long-term<< – meaning a minimum of 6 months – while I use its movements to trade other cryptos in the meantime. Until it breaks my channel in this idea, re-tests it and then moves on up forming a new uptrend channel, I am not long-term bullish…at all.
Update 13 March 2020
Bitcoin hits the bottom of my downtrend channel, right on point.
Update 28 April 2020
BTC breaks the top of this downtrend channel, meaning a reversal in the downwards trend analysis, marking the end of its bear run.
The target(s) and/or pattern(s) on this chart is only theory and not a trade signal of any kind. Always do your own research before trading.
Past performance isn’t an indicator of future performance.