Hello guys!
As you can see, we nailed our prediction for a drop. Now what we're looking for is a slow decline to the .382 fib retracement area. I am NOT counting that wick above our 1, as it was clearly a bulltrap, and we did not close anywhere near it - Hopefully you did not get trapped. :)
It seems that the fibs are being much more respected (actually to the dollar) on Bitmex, and you can check out that chart in my 'related ideas' below. So, I have buys laddered at each level, just for insurance in case this thing takes off, which it very well may at any moment. Now, many people would be very scared to buy after the massive red dildos we've seen today, and I don't blame you. However, you must remember that we are seeing a lot of campaigning going on by many of the OGs of bitcoin, which is a sign that they want to see it higher. I do NOT believe the bottom is in, but I DO believe we have a temporary bottom at 3.1.
I believe we can see $5k+ bitcoin by early next year, and possibly higher. There is no reason why not. Many people think that the bottom is in, and they will pour their money into this thing until they have nothing left to pour. It is sad, but these are the rules of the game. As soon as we run out of steam, expect MASSIVE capitulation. Don't fret to anyone who missed the move down from 6k, because I feel very strongly you will have another chance to short.
I realize the inverse head and shoulders pattern has become somewhat of a meme, but it is only a meme when we are in a crash market, and whales are drawing them purposefully in order to get people to FOMO buy. THIS feels a bit more organic and the technicals behind them are matching up quite well. We will just have to wait and see.
starting to cover shorts is probably a good idea, as we might not hit the low targets as predicted. Laddering and waiting for longs is, in my opinion, the best play right now.
Good luck to all.
As you can see, we nailed our prediction for a drop. Now what we're looking for is a slow decline to the .382 fib retracement area. I am NOT counting that wick above our 1, as it was clearly a bulltrap, and we did not close anywhere near it - Hopefully you did not get trapped. :)
It seems that the fibs are being much more respected (actually to the dollar) on Bitmex, and you can check out that chart in my 'related ideas' below. So, I have buys laddered at each level, just for insurance in case this thing takes off, which it very well may at any moment. Now, many people would be very scared to buy after the massive red dildos we've seen today, and I don't blame you. However, you must remember that we are seeing a lot of campaigning going on by many of the OGs of bitcoin, which is a sign that they want to see it higher. I do NOT believe the bottom is in, but I DO believe we have a temporary bottom at 3.1.
I believe we can see $5k+ bitcoin by early next year, and possibly higher. There is no reason why not. Many people think that the bottom is in, and they will pour their money into this thing until they have nothing left to pour. It is sad, but these are the rules of the game. As soon as we run out of steam, expect MASSIVE capitulation. Don't fret to anyone who missed the move down from 6k, because I feel very strongly you will have another chance to short.
I realize the inverse head and shoulders pattern has become somewhat of a meme, but it is only a meme when we are in a crash market, and whales are drawing them purposefully in order to get people to FOMO buy. THIS feels a bit more organic and the technicals behind them are matching up quite well. We will just have to wait and see.
starting to cover shorts is probably a good idea, as we might not hit the low targets as predicted. Laddering and waiting for longs is, in my opinion, the best play right now.
Good luck to all.
