So it's been a while since I did a BTC update. Figured I'd do one on this beautiful Father's Day Morning.
Happy Father's Day to all the Dads out there.
So BTC has had a good run up from 3.8k or whatever it was. Mid 10's have been Kryptonite.
If you were in a Long anywhere up this Leg, I hope you've taken at least some profit, rolled stops up tight, etc. We've now had 3 weeks in a row of LH/LL (providing we close this week below 10k, or whatever last week's High was).
A pullback would be healthy here, and I'm not against one. I'd like one actually. I think it'd be best in the long-term. But what I think/want doesn't matter. This is BTC.
Should a pullback occur, the Blue Lines represent 50% the Bull Leg and 61.8% (time wise), possible reversal time zones.
On my chart there's a Blue circle...our current action. We're playing with this Red Dotted Line of mine. Yesterday's close managed to keep the great Bull Hope alive, for now. If we lose this, I anticipate we'd follow the White Dotted decending wedge type pattern indicated. Losing that descending wedge, I'd be looking for a bounce around the Green dashed levels (fibs of the 80day run up).
If Bulls manage to hold the 8.9k swing, and break this 10.5k ceiling, our Bull Leg extends, and mission Mewn is still alive and well. Losing that 8.9k swing opens up all the levels indicated (and more likely).
As always, practice solid risk management, good luck, and have fun.
Happy Father's Day to all the Dads out there.
So BTC has had a good run up from 3.8k or whatever it was. Mid 10's have been Kryptonite.
If you were in a Long anywhere up this Leg, I hope you've taken at least some profit, rolled stops up tight, etc. We've now had 3 weeks in a row of LH/LL (providing we close this week below 10k, or whatever last week's High was).
A pullback would be healthy here, and I'm not against one. I'd like one actually. I think it'd be best in the long-term. But what I think/want doesn't matter. This is BTC.
Should a pullback occur, the Blue Lines represent 50% the Bull Leg and 61.8% (time wise), possible reversal time zones.
On my chart there's a Blue circle...our current action. We're playing with this Red Dotted Line of mine. Yesterday's close managed to keep the great Bull Hope alive, for now. If we lose this, I anticipate we'd follow the White Dotted decending wedge type pattern indicated. Losing that descending wedge, I'd be looking for a bounce around the Green dashed levels (fibs of the 80day run up).
If Bulls manage to hold the 8.9k swing, and break this 10.5k ceiling, our Bull Leg extends, and mission Mewn is still alive and well. Losing that 8.9k swing opens up all the levels indicated (and more likely).
As always, practice solid risk management, good luck, and have fun.
