Should we actually break down, which is very possible, then do not panic!
I see that in people who act emotionally, again and again.
You are selling, Bitcoin is actually going down $400-300 and you are thinking that it will fall more.
After a few hours you will see that the price is back above your selling price and that's how the clever people manage to reduce your money.
Mostly, you hope that the price will go down a bit more to buy at least at your retail price.
What is happening? The price goes up and up until you are forced to enter emotionally, just when you are in a correction again.
At my last Bitcoin idea you have seen that I am very uncertain about the current situation.
The question I asked myself was:
Scenario 1: Are we going up now?
Scenario 2: Are we going to make a bigger correction before going up?
Personally, I prefer the second scenario because it would 'kill' the longs again before it goes up.
But I think that the first scenario will happen, because it looks very much like a structure I know.
So, no matter what happens now, I assume that we will go up afterwards and people will be scared.
The market decides.
Note: I'm sorry that I upload this idea for the third time now. Had problems to show both scenarios in one idea to make it clearer.
Will continue to hold my Litecoin and Bitcoin Cash.
Could also run for a long time sideways again like before.
We do not know that at the moment.
It is the decision of the market.
Unfortunately, not enough longs have been closed so I think we will drop to around $9,100 /$8,800 if we break the bear flag.
Then most should get scared again and think we would drop even more.
I am saying that it is going up after any of these scenarios. Reading would help.
Thank, nice to hear.
Yes, this is also very possible. That is why I am unsure and do not say that the second scenario won't happen.
As I mentioned, it would make the bulls bearish again and scare them for the next upmove.