I do not want to come across as overly bearish. I have been buying in this market ever since the Venrock (Rockefellers) foundation Pumped us out of our down trend line.. But I have remained very cautious throughout only taking short term trades for the most part. Now, we find ourselves having our first set back since that point, where people have time to question the direction of this market. Like many of you, I am not certain what this market will do from this point. And to me that is a good thing because it keeps you cautious and focused more on the preservation of capital rather than short term gains. With that being said, last night I realized we had formed a nearly textbook bearish Gartley pattern, and at the top of that a tightly formed triangle ... I took my BTC out at that point. Just be cautious in case we see some bearish action breaking through our down trendline... let the dust settle from this nice bull run we have had. Short term traders could be buying at support for a bounce or run up.
I want to draw your attention to the Fib retracements that I had measured. Our recent 9700 high is a 61.8 fib retracement from our downfall from 11700 on 3/5. The highs from this morning are the 78.6 retracement from our recent 9700 peak. What does all that mean? Well, it could mean that BTC decides to reverse on the 61.8 for a larger downside move and that the recent high is as high as we get for a while. : (
If we break above the D then I would disregard this Gartley pattern. If we break below our support trend line I would get to cash.
We have nice bullish patterns on the large time scale charts and I am sure a lot of you have now heard of the Adam and Eve pattern, which is very astonishing... But even that pattern would have to break the 12k level to be validated for sure.
Daily 200 EMA should be respected if we are going to stay bullish.
Stay on your Toes
I want to draw your attention to the Fib retracements that I had measured. Our recent 9700 high is a 61.8 fib retracement from our downfall from 11700 on 3/5. The highs from this morning are the 78.6 retracement from our recent 9700 peak. What does all that mean? Well, it could mean that BTC decides to reverse on the 61.8 for a larger downside move and that the recent high is as high as we get for a while. : (
If we break above the D then I would disregard this Gartley pattern. If we break below our support trend line I would get to cash.
We have nice bullish patterns on the large time scale charts and I am sure a lot of you have now heard of the Adam and Eve pattern, which is very astonishing... But even that pattern would have to break the 12k level to be validated for sure.
Daily 200 EMA should be respected if we are going to stay bullish.
Stay on your Toes
