BTC bulls weak, only FOMO buyers, looking to break FIB line
Just a short thought on where we are at - I am seeing way too many people still claiming we are only "pulling back" and then heading to 13k. These people do not understand that we need to break 11.3K (our trend line and FIB retracement) before we can even consider 13k a possibility. We are being pushed down right now, low volume, FOMO activity is all that is keeping us from dropping lower so this continuation is inevitable for at least a time. We should break 23.6% FIB line soon. Then we are looking to 8800 to either confirm that we are still going down or to see buyer conviction pour in to push us back up and retest the trend line and 38.2% FIB.
We could see some movement back up to 9500-9700 but bulls are losing and we are bleeding out here.
My premise of us being in a bull trap still remains and I don't think we will see that realization hit the masses until we drop much lower at which point the panic is what we will have to worry about.
I am not bearish, the chart is, I want to make that very clear. I only care about what is most likely to happen, I don't care whether that is bullish or bearish because either way I am going to make trades and make money - but if we blind ourselves to anything but what we want to see we will lose money.
We could see some movement back up to 9500-9700 but bulls are losing and we are bleeding out here.
My premise of us being in a bull trap still remains and I don't think we will see that realization hit the masses until we drop much lower at which point the panic is what we will have to worry about.
I am not bearish, the chart is, I want to make that very clear. I only care about what is most likely to happen, I don't care whether that is bullish or bearish because either way I am going to make trades and make money - but if we blind ourselves to anything but what we want to see we will lose money.
Comment:
We have false buy wall setup to inject false hope and false faith in the market so be careful guys!
