Lot of people posting doom and gloom right now. Perfect time to buy if you ask me. Most of the market makers had to shake out all the longs after shaking out the shorts on the last spike up. it makes for a great recipe to really have a massive rally into the halving. There is a difference between the prior halving and this one. The prior ones you didn't have the big players like you do now, shaking people out, trying to squeeze as much money from traders and weak hands as possible. If you are thinking about capitulating, I would at least rethink it and hold off for a while. Don't let your emotions get the best of you.
If we look back at this 6.5k level, it has served as a key level dating back all the way until 2017. for 161 days, this level held as support. While it BLEW through it as resistance, we are getting some indications that it could act as major support once again.
1. The first is that it's at the bottom of this channel. This would indicate that we would at least get a bounce back to 8.5k. If this channel were to break up, we would move to wave C. However if it doesn't, we could head back down to the 5k area. Critical we know what is going on here.
2. RSI is getting into oversold territory. If we get a similar movement to the last one, we will get a major move to the upside to fulfill this part "C" wave. This would also coincide with the halving and other announcements coming out next year. Libra, possible ETF, etc...
3. If we examine a lot of the fundamentals, crypto has really been making a lot of strides. Hash rate is high, adoption keeps increasing. A lot of positive news still saturates the market.
while it's possible we go lower, this area has proven itself many times in the past as support. If you see it holding, I would imagine we'll move higher off of it.
Happy trading and hodling,
-Sherem
If we look back at this 6.5k level, it has served as a key level dating back all the way until 2017. for 161 days, this level held as support. While it BLEW through it as resistance, we are getting some indications that it could act as major support once again.
1. The first is that it's at the bottom of this channel. This would indicate that we would at least get a bounce back to 8.5k. If this channel were to break up, we would move to wave C. However if it doesn't, we could head back down to the 5k area. Critical we know what is going on here.
2. RSI is getting into oversold territory. If we get a similar movement to the last one, we will get a major move to the upside to fulfill this part "C" wave. This would also coincide with the halving and other announcements coming out next year. Libra, possible ETF, etc...
3. If we examine a lot of the fundamentals, crypto has really been making a lot of strides. Hash rate is high, adoption keeps increasing. A lot of positive news still saturates the market.
while it's possible we go lower, this area has proven itself many times in the past as support. If you see it holding, I would imagine we'll move higher off of it.
Happy trading and hodling,
-Sherem
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Already rebounded hard off of $6,500 afterI posted, if we continue to march up and break $7,300, we'll go to $8,500 at least.
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Broke $7,300, we should continue up to 8.5k at least
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Still valid.
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Still valid. $6,500 holding.
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updated idea:
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Already moving up, we are reaching the top of this local channel and we are getting ready to touch the red channel. If that breaks up it will signal a much high move in the future.
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update:
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I would call that a breach -
We hold above here and we will move higher.
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Look at that. Broken trendline. MACD cross. We go up.
