It is almost impossible to pinpoint a specific target where the market might start to reverse.
Currently, this scenario is what I have been waiting for months, which will certainly not look like this in the end.
But that's unimportant, because that's TA.
It can not always go in one direction only.
In December, you could blindly choose a coin and make profit, because then everything went up.
We react to the market and not the market to us.
That's why we have to be open to everything until we have clear signals.
To the possibilities:
- For now I continue to expect that we break through the top and then reverse again to break the bottom.
- Be careful, should we break the top or current trendline.
- It may be that we drop another 5-10% from here before it goes up, but that would not change the idea,
it would only change the .
-> So it's time to wait what Bitcoin offers us.
This shouldn't happen anymore.
We broke out of the flag and critical area of around $9,800.
This should go up till around $10,200-$10,600 until we see another correction.
A ~10% drop can still happen and would shake out all longs before the upmove, so I recommend to not panic when we go down and move your stops.
If it's not making any bull flag, then I am expecting a ~5% drop.
Could go down more, but there is no reason to panic.
Like I said a sharp drop would shake out all longs and make people fearful.
This is how the market works.
The whole bulls would turn bearish again and think it would have been a bull trap. This is the best example of how the whole smart whales reduce the money from the fishes.
By the way, I will continue to hold my Litecoins and Bitcoin Cashs as they look very strong in contrast to other Coins.
Technically I do not see that they will drop with Bitcoin together.
If they should do it, then I like to wait with them.
This would increase the fomo for later.
Very unsure with Bitcoin right now, but I am still expecting an upmove later - doesn't matter if we drop from here.
Should break $10,000 easily and find resistance somewhere around $10,400.
Thanks a lot
In general, smart whales sell or buy before.
You can see that on many Top Authors on Tradingview.
Unfortunately, they think like fishes.
Either their target is not reached or we break through the target as if it were nothing.
It almost always happens like that.
And that's the problem with Elliott Waves for example, which I used when I did not have much idea.
You can not foresee anything with it. I
t is still the decision of the market what happens.
Just because a particular combination fits as you want it, the market will not respond.
Wycoff is nice method. It has opend my eyes for the accumulation phase.
Yes possible, but to be honest, I've never seen a triangle at a major correction :-).