From my last BTC head and shoulders idea, I wrote that we would most likely see $10,000 if we were to break down. At this point that appears to be happening and my $9,500 level is in sight.
What I want to update everyone on is a longer term idea that could play out over the next couple months and if it happens, don't fret. Just be prepared and have proper protocols in place to manage your risk or scoop up more crypto IF we get there.
With pressure on equities and everything at extreme over bought levels we could see a push down to the $6,000 level in BTC. This is not out of the question. Will it happen is the question. We need to see what it does off of this $9,500 level. But we know that if play a bounce off that level and don't get any follow through, $6,000 is most likely in the cards and we can utilize stop losses to lock in profit and not be greedy. Another alternative is you can start laddering in your entries if you are looking for some long term moves.
Either way, be mindful of what's going on.
Cheers,
-Sherem
What I want to update everyone on is a longer term idea that could play out over the next couple months and if it happens, don't fret. Just be prepared and have proper protocols in place to manage your risk or scoop up more crypto IF we get there.
With pressure on equities and everything at extreme over bought levels we could see a push down to the $6,000 level in BTC. This is not out of the question. Will it happen is the question. We need to see what it does off of this $9,500 level. But we know that if play a bounce off that level and don't get any follow through, $6,000 is most likely in the cards and we can utilize stop losses to lock in profit and not be greedy. Another alternative is you can start laddering in your entries if you are looking for some long term moves.
Either way, be mindful of what's going on.
Cheers,
-Sherem
