Be hard to believe we see a rise from this point forward. Five (yup 5) rejections off $10,000 range and a picture-perfect wycoff distribution pattern. We've seen wycoff dist. patterns break to the upside before, namely this past April, but this one seems more legit.
1D RSI downward channel, still well above 30 (43). 1D MACD crossing into negative territory. Below 50D MA and looking to test 200D MA, anticipate a decisive break through.
I'm exiting, down, after being slightly up, but it is what it is (haven't been paying much attention, which cost me). Looking to re-enter around 50% fib re-tracement, around $7,100, and look for a bounce from there.
I feel anything below $7K-$8K that is sustained for more than a week or three puts the miners in major jeopardy. Due to the halving and the mining reward reduction we must get above $10,000 soon to make it worth their whiles. If we don't, the entire Bitcoin mining eco-system may begin to implode (which is possible). So a quick drop and a strong bounce is what I'm anticipating, but as always will be expecting the unexpected. Will look for strong reversal hammer before layering in.
Still bullish in the long-term. But bearish in the short-term.
Happy trading!
1D RSI downward channel, still well above 30 (43). 1D MACD crossing into negative territory. Below 50D MA and looking to test 200D MA, anticipate a decisive break through.
I'm exiting, down, after being slightly up, but it is what it is (haven't been paying much attention, which cost me). Looking to re-enter around 50% fib re-tracement, around $7,100, and look for a bounce from there.
I feel anything below $7K-$8K that is sustained for more than a week or three puts the miners in major jeopardy. Due to the halving and the mining reward reduction we must get above $10,000 soon to make it worth their whiles. If we don't, the entire Bitcoin mining eco-system may begin to implode (which is possible). So a quick drop and a strong bounce is what I'm anticipating, but as always will be expecting the unexpected. Will look for strong reversal hammer before layering in.
Still bullish in the long-term. But bearish in the short-term.
Happy trading!