G'day Followers,
How amazing has the price action been lately on bitcoin and the Altcoins, It certainly has been amazing to trade these markets lately although so much volatility has come through which could be very dangerous trading for non experienced traders, also if your not applying the correct risk and also using stop losses.
Anyway lets get to the chart, So as you can see price has well and truly surpassed the golden pocket area on the daily timeframe from the previous high, and what does that mean? Well usually when price starts breaking above the 61.8 fibonacci level we start to see a trend reversal from the downside, and it being on a higher timeframe is more relevant. Imo I think the bulls are here, It has been a very long bear market in the crypto space since January 2018.
And according to the wall street cheat sheet since breaking and closing above to 10k psychological area of (disbelief) We are now touching new highs for the year which we can call it (Hope - A recovery is possible) Once we start reaching newer highs then comes, Optimism, Belief, Thrill and at these stages come institutional investors (mum and dad) investors as we call them. Anyway if you have no idea what i'm talking amount try googling the (wall street cheat sheet)
So anyway, I think a pullback to the EQ level at 10500 is possible before we start making new highs, the market makers want more liquidity and I dont think they will want the bulls to start their rally before then.
:)
How amazing has the price action been lately on bitcoin and the Altcoins, It certainly has been amazing to trade these markets lately although so much volatility has come through which could be very dangerous trading for non experienced traders, also if your not applying the correct risk and also using stop losses.
Anyway lets get to the chart, So as you can see price has well and truly surpassed the golden pocket area on the daily timeframe from the previous high, and what does that mean? Well usually when price starts breaking above the 61.8 fibonacci level we start to see a trend reversal from the downside, and it being on a higher timeframe is more relevant. Imo I think the bulls are here, It has been a very long bear market in the crypto space since January 2018.
And according to the wall street cheat sheet since breaking and closing above to 10k psychological area of (disbelief) We are now touching new highs for the year which we can call it (Hope - A recovery is possible) Once we start reaching newer highs then comes, Optimism, Belief, Thrill and at these stages come institutional investors (mum and dad) investors as we call them. Anyway if you have no idea what i'm talking amount try googling the (wall street cheat sheet)
So anyway, I think a pullback to the EQ level at 10500 is possible before we start making new highs, the market makers want more liquidity and I dont think they will want the bulls to start their rally before then.
:)