So we've got some ups and downs over the last couple of days. Yesterday we broke down and are now making a bear flag formation which has high chances it will break down. If it does, it will go to around 5400-5600 before finding support. From that point, there could be another big sell off to around 4800-5000 before going in an uptrend.
Also read up on my analysis why BTC is going to 5K before going back in an uptrend
Thanks for your analysis! I have exactly the same ideas as you. Let’s see if it works out.
rlreecer
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@gummybal, yeah, with BTC the technicals say one thing...until poof they don't lol
cryptojamey
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@rlreecer, We can do as much TA as we want but there is much price manipulation in this market (both up and downside). We've had a lot of short orders so it was pretty easy to pump up the price to this point. A 500$ price movement doesn't get me excited and there is still a high chance of going down again...
gummybal
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@cryptojamey, Exactly, bear trend is still intact until proven otherwise on bigger time frames. One rule i have is that I don’t trade against the general big trend. That’s why i will even add to my short positions the higher we bounce here. It’s all about the highest probability, which is still down for the time being.