BITCOIN, YOU SAY BEARSIH I SAY BULLISH!HEALTHY RETRACEMENT!
Hello guys,
Sorry have been busy lately so didn't have the time to post any charts.. So after we sad bye bye to downtrend, we have finished wave 5, it was quite normal to go for retracement and we liquefied before that at 8200-8300(8350 personally). And as we were waiting for this retracement after a 5 wave breakout, we have to see where we will this retracement take us or will this be a bear market. Well a retracement is healthy and needed we have our supports lined up from 7500-8000, we broke the 8000 price level and now we are trading below that, the price just bounced from 7900 area and now is trading between 7900-8000. And from what i can see from the graph is that this might be a short-term ABC retracement to 7500-7700 area and we should really only be worried about a bear market coming if we break 7500-7600, and that scenario we should take another look at other timeframe graphs and see what is happening.
So anyone trading BTC/USD if you missed your short position well then you might take the risk and short till 7600 or re-buy at that price. However the bears are really weak in the market now, STOCH oversold in all time frames and demand has dropped shown by the demarker, well even the green Elliot wave is not over yet, so the bounce might be even sooner than we expected. Anyone hodling for long term or looking into buying alts it is a good price to get in.
So I am staying bullish to 10k still and I already sold and re-entered to buy some alts and increase my BTC portfolio and one of the ones I had good call on was XLM and ZCL, so I might lose now in USD but when this retracement is over and we moon to 10k, I will definitely be winning ;)
I have been asked from a member too about etf news.. And yes the news do affect the market however the laws of the market and technical probabilities takes over the news, in other words have higher probability of showing what is going to happen and yes ETF brought a lot of volatility into the market but the Bitcoin bull run did not start due tot that there are patterns which were indicating the bull run way before this(which can be seen in the chart linked below "BTC TO 10K, CYCLE JUST STARTED!" so ETF getting out of the way might push the market price down however that is not what cause the push we had a 5 wave breakout which had to have a retracement which is what we are seeing now so everything is normal and happens for a reason... And anyone who was hoping for ETF getting approved well, Murphy's Law "Anything that can go wrong will go wrong" which is very practical with Bitcoin, however it doesn't mean that I don't want it to get approved, I want it just like you want it but things like this will fail a lot of times before they succeed so we just have to sit and wait.
Good Luck, Traders!
Sorry have been busy lately so didn't have the time to post any charts.. So after we sad bye bye to downtrend, we have finished wave 5, it was quite normal to go for retracement and we liquefied before that at 8200-8300(8350 personally). And as we were waiting for this retracement after a 5 wave breakout, we have to see where we will this retracement take us or will this be a bear market. Well a retracement is healthy and needed we have our supports lined up from 7500-8000, we broke the 8000 price level and now we are trading below that, the price just bounced from 7900 area and now is trading between 7900-8000. And from what i can see from the graph is that this might be a short-term ABC retracement to 7500-7700 area and we should really only be worried about a bear market coming if we break 7500-7600, and that scenario we should take another look at other timeframe graphs and see what is happening.
So anyone trading BTC/USD if you missed your short position well then you might take the risk and short till 7600 or re-buy at that price. However the bears are really weak in the market now, STOCH oversold in all time frames and demand has dropped shown by the demarker, well even the green Elliot wave is not over yet, so the bounce might be even sooner than we expected. Anyone hodling for long term or looking into buying alts it is a good price to get in.
So I am staying bullish to 10k still and I already sold and re-entered to buy some alts and increase my BTC portfolio and one of the ones I had good call on was XLM and ZCL, so I might lose now in USD but when this retracement is over and we moon to 10k, I will definitely be winning ;)
I have been asked from a member too about etf news.. And yes the news do affect the market however the laws of the market and technical probabilities takes over the news, in other words have higher probability of showing what is going to happen and yes ETF brought a lot of volatility into the market but the Bitcoin bull run did not start due tot that there are patterns which were indicating the bull run way before this(which can be seen in the chart linked below "BTC TO 10K, CYCLE JUST STARTED!" so ETF getting out of the way might push the market price down however that is not what cause the push we had a 5 wave breakout which had to have a retracement which is what we are seeing now so everything is normal and happens for a reason... And anyone who was hoping for ETF getting approved well, Murphy's Law "Anything that can go wrong will go wrong" which is very practical with Bitcoin, however it doesn't mean that I don't want it to get approved, I want it just like you want it but things like this will fail a lot of times before they succeed so we just have to sit and wait.
Good Luck, Traders!
