Whats up everyone.
Thanks for checking out my thoughts on BTC, I know a lot of you have been following me since the start of this pullback and I have held a bearish position since the original bear flag formed.
The bulls have held a fight and this drop is totally healthy UNLESS we break the key support zones, there is potential for us to see a full-fledged bear market again although with fundamentals lately and market sentiment I doubt this is the case.
As you can see with my TA above we have broken a key level at $8,200 and are actually forming a descending wedge, BTC is known for suprising us in these times and the Stochastic RSI looks bottomed out so we may see some small support around the $8,000 mark but my eyes are still set on $7,800 region.
A break below $7,800 would take us to the $7,300 -$7,500 region which lines up with the 78.6 Fibonacci Retracement Zone.
Keeping Positive in these times is key, you will not make money if you freeze up in these times, it is the best time to start educating yourself on these markets.
I will be taking a long position on Bitmex @ $7,800 - ONLY if I see a bullish engulfing candle and some huge bottom wick action to give me the confidence there is support at that level. Never enter a trade on a falling knife.
Tip 1: STOP BUYING IN THE GREEN. START BUYING IN THE RED.
Tip 2: INVEST IN EDUCATION OR USE TIME TO STUDY FREE EDUCATION
Tip 2: ALWAYS HAVE A STOP LOSS ON.
Thanks for checking out my thoughts on BTC, I know a lot of you have been following me since the start of this pullback and I have held a bearish position since the original bear flag formed.
The bulls have held a fight and this drop is totally healthy UNLESS we break the key support zones, there is potential for us to see a full-fledged bear market again although with fundamentals lately and market sentiment I doubt this is the case.
As you can see with my TA above we have broken a key level at $8,200 and are actually forming a descending wedge, BTC is known for suprising us in these times and the Stochastic RSI looks bottomed out so we may see some small support around the $8,000 mark but my eyes are still set on $7,800 region.
A break below $7,800 would take us to the $7,300 -$7,500 region which lines up with the 78.6 Fibonacci Retracement Zone.
Keeping Positive in these times is key, you will not make money if you freeze up in these times, it is the best time to start educating yourself on these markets.
I will be taking a long position on Bitmex @ $7,800 - ONLY if I see a bullish engulfing candle and some huge bottom wick action to give me the confidence there is support at that level. Never enter a trade on a falling knife.
Tip 1: STOP BUYING IN THE GREEN. START BUYING IN THE RED.
Tip 2: INVEST IN EDUCATION OR USE TIME TO STUDY FREE EDUCATION
Tip 2: ALWAYS HAVE A STOP LOSS ON.