Here we have it guys, as predicted, we have touched that important green trend line (within a few $). So it's D Day, kind of. Remember, if you're a whale and want to short ... what's the best option now? Probably a fake bull over that line by a few $100, get everyone long, and then short it to pieces. The squeeze will liquidate many and send it back to the underworld. One thing I've added is a bounce from the 6 month trend line. Could very well be a triangle wave we are in.
But let's not be one sided, for BTC has taken on a split personality these days. Perhaps whales have different opinions on which way it should go. If that's the case, I'm going to suggest that's evidence that the bottom is near ... a true battle with whales on both sides ... not just the lowly peasants on one side of the equation, praying that the whale gods (probably some teenager that bought BTC at $1) don't destroy our portfolio.
OK back to technicals. So, if BTC is truly reversing, how do we know? Of course we can say if it's well above 9200 we're clear ... maybe. Can we get that signal earlier ... let's consider we have a light that can turn from bright red (going down to hell) to bright green (going to the moon). In between it goes from a fainter red to clear and then fainter green to bright green. Right now we are kind of clear, maybe with a tinge of red. We are on the important test line, in an overall market bear trend, with an exciting rally from 6.5k. If we cross the All Time High Trend Line 1, that light becomes tinged green. If we cross 9200 it becomes light green, if we cross 12k it becomes really green (and then I'm sure the whales would surprise us!).
I react based on movements and TA. Up or down. Cautiously. Nothing is certain ... only probability exists. For now, I'm inclined to think that probability is tilted a little towards a drop back down (tinged red light). If it crosses that line, I'd say probability is tilted a little bullish (tinged green light), but almost too small to notice. So how do I react if I know this ... cautiously. What does that mean? Babying this thing, lots of time. Right now. Watching. Closely. Getting ready to long and short, all at the same time.
Good luck people. Either way ... down or up, I think it's good news. Down in my eyes is the last movement before a nice bull run (I hope I'm right!). Up, I'm a much better trader in a bull market ... and so is probably 90% of the crypto community.
Remember, only a fool relies on one possible outcome.
Do not rely on this for investment decisions. For educational purposes only.
But let's not be one sided, for BTC has taken on a split personality these days. Perhaps whales have different opinions on which way it should go. If that's the case, I'm going to suggest that's evidence that the bottom is near ... a true battle with whales on both sides ... not just the lowly peasants on one side of the equation, praying that the whale gods (probably some teenager that bought BTC at $1) don't destroy our portfolio.
OK back to technicals. So, if BTC is truly reversing, how do we know? Of course we can say if it's well above 9200 we're clear ... maybe. Can we get that signal earlier ... let's consider we have a light that can turn from bright red (going down to hell) to bright green (going to the moon). In between it goes from a fainter red to clear and then fainter green to bright green. Right now we are kind of clear, maybe with a tinge of red. We are on the important test line, in an overall market bear trend, with an exciting rally from 6.5k. If we cross the All Time High Trend Line 1, that light becomes tinged green. If we cross 9200 it becomes light green, if we cross 12k it becomes really green (and then I'm sure the whales would surprise us!).
I react based on movements and TA. Up or down. Cautiously. Nothing is certain ... only probability exists. For now, I'm inclined to think that probability is tilted a little towards a drop back down (tinged red light). If it crosses that line, I'd say probability is tilted a little bullish (tinged green light), but almost too small to notice. So how do I react if I know this ... cautiously. What does that mean? Babying this thing, lots of time. Right now. Watching. Closely. Getting ready to long and short, all at the same time.
Good luck people. Either way ... down or up, I think it's good news. Down in my eyes is the last movement before a nice bull run (I hope I'm right!). Up, I'm a much better trader in a bull market ... and so is probably 90% of the crypto community.
Remember, only a fool relies on one possible outcome.
Do not rely on this for investment decisions. For educational purposes only.