Looking at the Daily chart, Bitcoin has twice bounced off it's major supporting trend line, which has been established since September 2017. Additionally, the Kumo cloud has flattened out and price action is bouncing around the Senkou Span B, which is acting as support. Now, the Kijun Sen and Tenkan Sen's have cross, indicating sell signal, so we are still not confirmed and Bitcoin may still dip.
However, I feel the primary trendline's support holding is the stronger signal that Bitcoin is not likely to go lower.
As a relatively new cryptocurrency investor, it's been challenging to watch and hold Bitcoin since early January, and this is my first trip through "recession January" as I call it, since every single January has shown a huge retraction in price. In the larger scheme of things, Bitcoin is very much still bullish and this gives me the confidence to continue to ride the Bitcoin train.
As Dennis Miller says, "That's just my opinion. I could be wrong." Or to listen to my lawyer: The above is my opinion and is for information purposes only. I am not a professional and the above is not intended to be investment advice. Seek a duly licensed professional for investment advice.
I find it easier not to look at it too often, since I don't short Bitcoin (maybe one day I will). I still look at the charts from time to time, and buy some more. Can't wait to see if it will climb quickly or if it will make a slow recovery.
Shorting bitcoin now is like collecting pennies in front of a steemroller!
LOL, I like the analogy... I'll think about it twice before making an attempt.