Bitcoin has again bounced off of $5800 as we predicted. Again we same the same old emotional story. Everyone says BTC is dead when it falls and its back with any impulsive wave. Just remember the market moves in Ebb and flow and the amazing thing about crypto is the same thing that people loose sleep over... The volatility. No other market can go up 20% in a day and down 30% the next day. This is what makes trading crypto exciting and very profitable. It also is what gets people rekd.. People chase the emotion of the market on that day, FOMO buying as it runs and panic selling when at a small loss to endure they don't lose any more.
Right now we are in accumulation areas. We will more than likely see much lower prices as capitulation sets in. We still have capitulation and depression to come yet, so be prepared for that. However, by accumulating the bigger coins at these ridiculous prices that are back at mid 2017 prices you also get a seat at the table to trade the impulsive waves when they come.
For now BTC is still testing the $6000 phycological. As has been for a long time $6400 is a very strong support and resistance level and you need to watch this on a bigger time frame and not watch it every 30 m minutes. There are several levels that BTC needs to get through and hold on a weekly level before any discussion of bullishness can happen. BTC again resisting the $6400 mark on the daily candle. We may see a run to the $6800 level. I entered at $5800 and will happily take profit at $6800/$7200 if that happens. Can comfortably now have another stop loss at $5833 for break even and accumulate lower.
For me, $5800 is like a last line of defense on the bigger time frame. Once the $5800 turns from support to resistance i feel we will see the 5k mark come quickly and thats when capitulation will hit and the the sub 5k. 88% retracement will see sub 4k
Right now we are in accumulation areas. We will more than likely see much lower prices as capitulation sets in. We still have capitulation and depression to come yet, so be prepared for that. However, by accumulating the bigger coins at these ridiculous prices that are back at mid 2017 prices you also get a seat at the table to trade the impulsive waves when they come.
For now BTC is still testing the $6000 phycological. As has been for a long time $6400 is a very strong support and resistance level and you need to watch this on a bigger time frame and not watch it every 30 m minutes. There are several levels that BTC needs to get through and hold on a weekly level before any discussion of bullishness can happen. BTC again resisting the $6400 mark on the daily candle. We may see a run to the $6800 level. I entered at $5800 and will happily take profit at $6800/$7200 if that happens. Can comfortably now have another stop loss at $5833 for break even and accumulate lower.
For me, $5800 is like a last line of defense on the bigger time frame. Once the $5800 turns from support to resistance i feel we will see the 5k mark come quickly and thats when capitulation will hit and the the sub 5k. 88% retracement will see sub 4k