We retraced over 50% from 20k, make no mistake, we are in a BEAR TREND and recovery to 20k may take MONTHS.... Currently trading ONLY to accumulate fiat and staying away from entering into new positions, anticipating a further breakdown after hitting these targets.
-So option 2 from my previous chart happened, the triangle broke down and $7600 was the immediate bottom. (always be cautious of a further breakdown if this bounce turns into a brear flag. which can certainly happen, less likely however)
-Next levels are as shown, I have sell orders at all three levels, biggest being at $12500 where I will clean up 70% of ALL of my positions into FIAT.
-If we see a dead cat to 15k which is certainly possible, I will take almost everything off the table and probe a short.
Comment
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Looks lke volume is really dying down... Watching closely for a potential breakdown. Targets still in play
Yeah, like my thoughts. 15K to short would be amazing, but it won't go there. 12k is max, and I dont think we will go there too. Maybe 10-11K in the best scenario.
gusccbb
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Hi, good post. Where are we headed now after bouncing at $ 9.5k? Will it take necessary momentum later? Is it necessary to enter more volume?
yanbuchanan
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@gusccbb, we definitely need more volume to blow past 9/10k resistance... we should have a confirmation by morning which scenario will play out, for now, watching this bounce play out and hopefully close above 9k.