Look at how BTC did in 2018 from 20K to 3.2K. Very similar to what is happening right now. First it crashed to $6,200, consolidated for a while, then crashed again to $3,200.
Today, BTC also crashes from $13,000 to $9,700, consolidates for a while, then crashes to $7,700.
Let's take a look back how BTC bottomed at $3,200. We had the 9th candle... a signal to buy. BTC closed above the 21 daily EMA with full body, consolidated for few days, then popped up.
What we have today? Same pattern.
So, I guess we are going to watch sideway for few days, then when it pops, it will send us straight to 11k-12k.
My setup Long position: $8,500 Profit: $11,500 Risk ratio: 2 Stop loss: 7,200
so already invalid? man you change your every 5 seconds
CzarnyM
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mind*
PinkCryptoVN
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@CzarnyM, I guess we have to wait and see how it plays out.
max3pin
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So now you think BTC will break the channel? Does this idea replace your bear thesis to new lows or you see it as a bull trap?
PinkCryptoVN
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@max3pin, I just give myself a second thought. I still remain bearish, but if this happens, then I'll know what to do. I always look both ways to see which way makes more sense to me.
PinkCryptoVN
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@max3pin, I would think it more likely is as a bull trap, but we have to wait and see how it plays out.