looking at the latest BTC analysis i was so optimistic for calling a bullish market as long as we have stayed above the main and only trend line which has been holding very strong for just about a year now.
now that we did break and closed badly below it. we are 100% in a bear market no questions asked !.
the reason why i am 99.9% sure that btc will still dip further more is because it doesn't make any sense that btc will only drop 12% after breaking this major support trend line. i would say 25% is the realistic number to where btc should drop which is also a very major support line at around 5400-5600.
I am by no means doubting the fall, the only question is, are we going to straight from here ! or are we going up for a bull trap to test the support trend line which now acts as a resistance ? that would be around the 7000-7300 k area.
I say as long as we don't close below the 6100$ area , we do have a chance for correction back to the 7k area, any daily or even 4h candle closing above this level is a direct flight to 5500$.
I shorted the moment we broke below the up trend, ready to buy back at any signal i see fit. if the market wasn't this hard to predict i would have re-bought now in order to sell at 7k again , but i am not doing this, i'll only long btc at these 2 scenarios
1- a close above the prev up trend.
2- a reversal signal at the 5500$ area.
aside from these 2 signals i will keep my fiat and watch the market.
now that we did break and closed badly below it. we are 100% in a bear market no questions asked !.
the reason why i am 99.9% sure that btc will still dip further more is because it doesn't make any sense that btc will only drop 12% after breaking this major support trend line. i would say 25% is the realistic number to where btc should drop which is also a very major support line at around 5400-5600.
I am by no means doubting the fall, the only question is, are we going to straight from here ! or are we going up for a bull trap to test the support trend line which now acts as a resistance ? that would be around the 7000-7300 k area.
I say as long as we don't close below the 6100$ area , we do have a chance for correction back to the 7k area, any daily or even 4h candle closing above this level is a direct flight to 5500$.
I shorted the moment we broke below the up trend, ready to buy back at any signal i see fit. if the market wasn't this hard to predict i would have re-bought now in order to sell at 7k again , but i am not doing this, i'll only long btc at these 2 scenarios
1- a close above the prev up trend.
2- a reversal signal at the 5500$ area.
aside from these 2 signals i will keep my fiat and watch the market.
Comment:
Bull trap setting up real nice, very soon another massive red candle will show on the chart
Comment:
BTC bounced right from the prev uptrend which now act as a very strong resistance, i am still on the bear side unless i see a close above trend line and a re-test .