Absolute Capitulation.... what's the plan now?
For those new to trading or Crypto welcome to the big show. These moves are normal and happen more often than we would like. If caught on the wrong side these moments aren't fun, however its these same moves that have provided so much opportunity for great buys that have grown funds and changed many lives. Congrats if you didn't panic and bought yesterday's crash. Those that have put there trust into me and take the time to follow and read my content I say to each of you I'm sorry that I didn't see this sell coming. Had I known I would have helped warn you if I could have. For many of us long time holders we don't sell on those dips but continue to buy more and adjust our timeframes and look to the future. Remember this will pass and good things are yet to come. For those that sold on the dip, its not a total loss. You must learn from each trade and the experience over the years adds to your ability to spot opportunities and not let fear run so much of your trades.
I have outlined the two trading ranges that we are caught in at the moment. Between 30k-40k is a range that could continue for sometime. For obvious reasons a break of 30k would be detrimental and a sure sign of a change in market cycles in my opinion. Taking this one step at a time.. a break up thru the resistance of 42k can be a good sign of moving to trading range 2. Expect this 42k line to be backtested at least 1-3 times as it shows it can be trusted as support. Trading range 2 could be very quick but also could take weeks of sideways action as the demand gets burned up in accumulation. The hopeful path is a move towards the strongest resistance line of them all 48k. IF we can show a break of 48k very good things can happen to Bitcoin. Bitcoin has been on quite the move the last 6 months and we need to remember sometimes sideways is a chance for the engine to rebuild up steam. Hope your all well and staying positive about the things in life we can control. Greatness is not measured by what a man or woman accomplishes, but by the opposition he or she has overcome to reach his goals. Stay humble, Stay kind, Stay Patient. Let's see how the next couple days go for Bitcoin and the rest of Crypto. . I was blessed to buy the bottom of the Covid dip and this last sell off seems so dang similar. Shark still has a hunch our best days are still ahead.
I have outlined the two trading ranges that we are caught in at the moment. Between 30k-40k is a range that could continue for sometime. For obvious reasons a break of 30k would be detrimental and a sure sign of a change in market cycles in my opinion. Taking this one step at a time.. a break up thru the resistance of 42k can be a good sign of moving to trading range 2. Expect this 42k line to be backtested at least 1-3 times as it shows it can be trusted as support. Trading range 2 could be very quick but also could take weeks of sideways action as the demand gets burned up in accumulation. The hopeful path is a move towards the strongest resistance line of them all 48k. IF we can show a break of 48k very good things can happen to Bitcoin. Bitcoin has been on quite the move the last 6 months and we need to remember sometimes sideways is a chance for the engine to rebuild up steam. Hope your all well and staying positive about the things in life we can control. Greatness is not measured by what a man or woman accomplishes, but by the opposition he or she has overcome to reach his goals. Stay humble, Stay kind, Stay Patient. Let's see how the next couple days go for Bitcoin and the rest of Crypto. . I was blessed to buy the bottom of the Covid dip and this last sell off seems so dang similar. Shark still has a hunch our best days are still ahead.
Comment:
We are still stuck in trading range 1. We knew it wasn't going to be easy and would take some time. We still need to break 40k and break thru critical line of 42k. Most narratives are overly bearish now. PATIENCE and tune out the noise. Stay with the Shark we are going to make it.