After hitting the 0.618 fib retracement BTC did a significant drop.
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Regarding my long term investment positions:
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Market movement update
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My previous idea of the 20+ days consolidation still stands. Although it is possible to drop further, it is unlikely to drop in one straight line without at least a dead cat bounce. The big players need time to distribute their positions, especially after 7 weeks of bullish candles.
In addition, my idea of ranging market between $6000 - $10000 still stands as well. If you refer back to mid 2019, that's exactly what happened - a drop followed by a rise, then followed by sideways distribution phase. Could the same pattern repeat itself? We don't know yet until a pattern emerges, whether it's an ascending triangle (bullish) or a range box (indecision).
That's it for now. I will give you an update when there is more clue as to what BTC is going to do. This & next week's weekly candle close might be critical.
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Regarding my long term investment positions:
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- I am going to add back the 5% portfolio I bought previously @ $7700 and sold @ $9250 (if price does get to $7700)
- I am also going to use another 10% capitals to buy between $6000 - $6200
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Market movement update
~~~~~~~~~~~~~~~~~~~~~~
My previous idea of the 20+ days consolidation still stands. Although it is possible to drop further, it is unlikely to drop in one straight line without at least a dead cat bounce. The big players need time to distribute their positions, especially after 7 weeks of bullish candles.
In addition, my idea of ranging market between $6000 - $10000 still stands as well. If you refer back to mid 2019, that's exactly what happened - a drop followed by a rise, then followed by sideways distribution phase. Could the same pattern repeat itself? We don't know yet until a pattern emerges, whether it's an ascending triangle (bullish) or a range box (indecision).
That's it for now. I will give you an update when there is more clue as to what BTC is going to do. This & next week's weekly candle close might be critical.