The drop was awesome as we can buy with a discount! Now, let's assess what is going to happen next:
$12000 was no doubt a weekly resistance which confirms the idea that as long as Bitcoin does not close weekly candle above $12000, there is no bull market. So, stop kidding yourself and be rational. What we have to focus now is WHAT PRICE TO BUY? We know there is a possibility that the uptrend since $3k is still intact and the current drop may be a possible major wave 2. In that perspective, you simply find an ideal price to get in. But, certainly not buying in right at this moment (if you have not learnt your lesson from Nov 2018 when it dropped below $6k).
From the chart above, I have marked 2x POI that I will be buying in using all the profits I have made previously. The reasons being:
1st POI: 61.8% - 65% fib retracement + weekly 50MA + structures
2nd POI: 76.4% - 78.6% fib retracement + weekly 200MA + structures
Simple? See how I never over-complicate my analysis with so many indicators and so many reasons. Keep it simple! In saying that, I do assess many possibilities but only present you with the most probable scenarios that I think will play out.
If you need more confirmation, wait for price to break above the downtrend line (in black) and/or weekly to go above 54.6 (2017 bull market started after weekly broke above 54)
If you appreciate what I have done for you (you should have either made decent profits or saved from buying above $9k), then don't forget to press the LIKE and leave some comments below :)
$12000 weekly resistance:
Support at $7750 also worked amazingly.
Thanks for taking the time to leave a comment.
Hope you went well with your S&P trade.
Im contemplating to sell alts at a loss atm (10-30%) and also short Btc a bit in the 8.5-9.5 area
But the fear of getting trapped, alts pumping mainly, keeps me away from selling
The charts look awful though
This dilemma is too much lol
What would you consider a sensible approach to this, do you see alts crashing badly from here?