caimano

Correction reachead again the 0.786 area, a new test

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This correction still internal, as we all know, we are in the ABCD pattern and 0.786 FIB level could be acceptable the problem, the huge problem, if we fall below this level in that case, if the price goes below the 5-4K (as many here call) the capitulation could be very very bad.
Personally I will never buy back at 4-5K level, unless for daytrade or swing trade, the loosing in trust will be very hard to regain at that point, as much we heard about BTC in December we will hear about BTC at 5K level as an asset that lose 80% of its value in less than a year.
At that point retail investors (where all the MOFO money came at the ATH ) won't touch crypto even with a 4 meters long fish rod....
In term of long position, nothing makes sense before we reach again 13-14K, before that any position longer than a week it's a gamble.
In such a low capital market (we are currently below 300B) it's way too easy for whales and exchanges to play with us triggering stop-loss, generate flash crash and all other tactical games).
Another huge short opportunity could come from a break below the 0.786
To going up...we need much more volume

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out