Patience is key and this is why I said wait for clear sings of an uptrend.
Just look at the volume, there was nothing. Buyers were too weak for me to begin a new rally. And stop getting bullish because of a small uptrend. After a huge drop there will always wait a bigger correction for us, this is the normal circulation of a market.
Now here we are. The question is now: Is this the end of the structure?
My answer is: We don't know.
Let's see if we can break the bottom. If yes next big support is waiting at around $7000-7500.
I am bearish and will stay bearish until we see the bottom. No upmove in the world will stop me.
I wish you good luck my bears.
Just look at the volume, there was nothing. Buyers were too weak for me to begin a new rally. And stop getting bullish because of a small uptrend. After a huge drop there will always wait a bigger correction for us, this is the normal circulation of a market.
Now here we are. The question is now: Is this the end of the structure?
My answer is: We don't know.
Let's see if we can break the bottom. If yes next big support is waiting at around $7000-7500.
I am bearish and will stay bearish until we see the bottom. No upmove in the world will stop me.
I wish you good luck my bears.
Comment:
IF we go down more it is very likely that we see a pullback at $8700-8750. Nothing special. RSI oversold and needs a regeneration.
Comment:
Looks like Bitcoin going higher. I see $500 potential to the upmove before it goes down.
Comment:
This probably will go one more time up sharply to ~8800$ to complete an ABC pattern. Would like to show it, but have only my phone with me. If I am right we will test $7200-7500 area. Stay prepared.
Comment:
*if I am right we will test $7200-7500 area after that.
Comment:
Wait until we go below $7900, look for a bounce and a flat if you want to take the trade. But after a breakout of a flat put a stop loss below the previous impulse to stay safe. I won't take it because I don't like to trade corrections.
Comment:
Doesn't look like we will see $8800 but possible. Nevertheless we should break $8400, so if you are in put your stop losses with the move.
This will be another huge fall.
This will be another huge fall.
Comment:
When we break $8800 with confirmation I will look for buys. This would mean we will have a bull run until we see the drop.
Comment:
Perfect prediction. We broke $8400 and didn't see $8800. Now we closed daily candle at ~$8300 what is a bearish sign.
I will post new chart when we reach $7500-7200 because target stays like mentioned in the idea above.
I will post new chart when we reach $7500-7200 because target stays like mentioned in the idea above.
Comment:
Currently too many people are waiting for a huge drop in my eyes. Now I see a structure which would mean a bull run until we see the crash. Later I will post the idea.