Hello Friends, Traders, everyone...
This rally, has been great. I hope everyone is enjoying themselves. But, there has to be a retracement sometime. There have been several smaller time frame retracements but I have yet to see one that satisfies me on the daily/weekly.
If you take a a look at what I've got up here, it's a comparison of the 2015 bear market breakout and the recent 2019 bear market breakout. I don't have too much to say, this is pretty self explanatory. We are testing the top of the fib channel and if we don't stay above it I could see a sizeable correction for bitcoin - to the $6k area. This is becoming increasingly necessary to continue upwards...
Obviously, everyone should have taken profit from all longs already. Whether we topped or not.
On the weekly TD9 paints a bearish outlook as we approach here the 0.618 Fib Time Zone. Looking to the past we see that traditionally trend based time zones tend to indicate a reversal to their parent trend; i.e. this having been charted from the bull run of 2017 it would indicate a possible bearish turn...
I want to see a heavy pullback here before going long again...what a great trade this has been!
Sorry I've been so busy :D
Previous analyses:
This rally, has been great. I hope everyone is enjoying themselves. But, there has to be a retracement sometime. There have been several smaller time frame retracements but I have yet to see one that satisfies me on the daily/weekly.
If you take a a look at what I've got up here, it's a comparison of the 2015 bear market breakout and the recent 2019 bear market breakout. I don't have too much to say, this is pretty self explanatory. We are testing the top of the fib channel and if we don't stay above it I could see a sizeable correction for bitcoin - to the $6k area. This is becoming increasingly necessary to continue upwards...
Obviously, everyone should have taken profit from all longs already. Whether we topped or not.
On the weekly TD9 paints a bearish outlook as we approach here the 0.618 Fib Time Zone. Looking to the past we see that traditionally trend based time zones tend to indicate a reversal to their parent trend; i.e. this having been charted from the bull run of 2017 it would indicate a possible bearish turn...
I want to see a heavy pullback here before going long again...what a great trade this has been!
Sorry I've been so busy :D
Previous analyses:
Trade closed: target reached:
That was fast :O
All this to say, no matter how much we do or do not retrace here, I still think we are in bull market territory. If we can maintain this fib channel, maybe we can avoid such a situation. Good luck =)