I don’t think we are crashing or Going to Zero.
In my education piece yesterday, I said I thought there were a lot of people trapped in losing positions up higher, some of them I think I getting frustrated and getting out. I actually predicted this in my fist BTC post on TV
“If we break the 200 and close above I would expect a pretty quick trip to, 10,000 (The pink line) and then a retest of the 200 , a bounce here would see $12,000( The Black Line) in play quickly and then I expect consolidation between the 200EMA and 12,000 for some time.”
So while I am not a psychic, its pretty good and we are now consolidating or ranging between the 200EMA on the and 12,000 (This area is shaded for you)
Importantly the break down on the 4 H Chart (attached) has reversed above 9300 support, closed above the important 9750 level and looks to be stable. While it doesn’t look like a panic sell to me it does require me to be /NUETRAL. I am under the 200ema (on the 4H Chart) and my previous support trendline. I will move the support line when I get two bars above my new low on each side. (Potentially next bar) but this is a technical move and my Bias remains /NUETRAL.
For those looking to sell bounces off the 200 (4H Chart), 10800 and the old Support all offer great chances to sell. I would scale out at 9750, and trail down from there.
For those looking to buy, I would buy now or on the break and retest of old support trendline. Targets are 11,700.
My expectation is next we will revisit the 200ema on the 4H chart and then we will be watching closely again.
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