Interesting take. I have been struggling with the same dilemma for over a month now.
I am bearish short term but overall bullish until 7k.
I am currently reassessing though because its starting to feel like XBT is forming a new foundation in the 10k area. If that is the case then we could see a new ATH soon. For now I believe XBT will break below the long standing trendline and fall back into the 4 digit range. Im still shocked that btc found a bottom at 3k and is now sitting at 10k. Ive been here since 2012.. this imo is insane.
weslad
⋅
@atomica, Nice work man, you nailed the drop perfectly from your chart, already left you my likes on that. Well I believe many traders will be worried just like you are because the present trading range is getting tighten up which signal potential breakout soon. where the break will go is what hard to say. But in all any position taken now should be with tight stop loss possible
atomica
⋅
@weslad, I agree that is great advice. I was expecting a break down to find the bottom but all this ranging has me second guessing. Honey badger doing his thing.