For personal refference, so no trading advice
Requirements for bullish reversal:
- Break trendline from previous high and alltime high
- Break previous high of 7.4k
Most likely scenerio's:
Continuation of bearish trend with dip between 4.5k and 5.5k followed by reversal
Continuation of bearish trend with again a drop to 5.5k / 5.8k not followed by reversal
We hit 5.8k a couple of times now, each time there were not enough buyers to push us up past our previous highs.
Why would that be different this time? That is axactly why i think we need to go lower for reversal.
There is an enormous amount of money waiting to get in, but only at the right price, and that has to be a new low.
And yes i might not catch the bottom this way, but waiting makes investing a lot less risky.
Requirements for bullish reversal:
- Break trendline from previous high and alltime high
- Break previous high of 7.4k
Most likely scenerio's:
Continuation of bearish trend with dip between 4.5k and 5.5k followed by reversal
Continuation of bearish trend with again a drop to 5.5k / 5.8k not followed by reversal
We hit 5.8k a couple of times now, each time there were not enough buyers to push us up past our previous highs.
Why would that be different this time? That is axactly why i think we need to go lower for reversal.
There is an enormous amount of money waiting to get in, but only at the right price, and that has to be a new low.
And yes i might not catch the bottom this way, but waiting makes investing a lot less risky.
Comment:
We didn't even come close to breaking the trendline.
For me that means we remain bearish.
Yes we made a few small higher highs last week, but that's not enough.
And even that trend is turning around right now to a lower high.
So yes the downtrend feels delayed but we will resume dropping this or next week in my opinion....... I will stay on flatmoney for now, laddering in slowly starting @ 5800 with bigger orders the closer we get to 4500
For me that means we remain bearish.
Yes we made a few small higher highs last week, but that's not enough.
And even that trend is turning around right now to a lower high.
So yes the downtrend feels delayed but we will resume dropping this or next week in my opinion....... I will stay on flatmoney for now, laddering in slowly starting @ 5800 with bigger orders the closer we get to 4500
no big buying volume so far so we will keep going lower
5.8k target expected for coming thursday or next tuesday
will evaluate 4.5k target when we hit 5.8k