This is based on philakone's chart from the 24th. It's complicated but the basic idea is the region from 8400 to 9250 is likely to be toppy and there is still another major bear leg in the works that could take btc to below $5k before the bull market is official
This is because according to philakone we're in a large wxyxz pattern and are still looking for the final z leg down.
So around here I am scalping intraday with a bullish bias until it looks like there's a reversal back down. For longer term trades I have been looking to buy up eth and have posted my accumulation zones on other charts. If BTC does go below $5k I will treat that as my last chance to load up before the bull run.
I think the fact that philakone hasn't posten anything in a while means the RRR isn't all that great in either direction just yet. The long term pattern is upward but there is a strong chance for a multi-month move lower before the big upward move begins.
I would not at all be surprised if 2020 were incredibly choppy for BTC and plunges to a major low and then shoots to a major high by december. So I am being patient with this and taking it one day at a time and looking to gradually add on weakness and not chase strength.
This is because according to philakone we're in a large wxyxz pattern and are still looking for the final z leg down.
So around here I am scalping intraday with a bullish bias until it looks like there's a reversal back down. For longer term trades I have been looking to buy up eth and have posted my accumulation zones on other charts. If BTC does go below $5k I will treat that as my last chance to load up before the bull run.
I think the fact that philakone hasn't posten anything in a while means the RRR isn't all that great in either direction just yet. The long term pattern is upward but there is a strong chance for a multi-month move lower before the big upward move begins.
I would not at all be surprised if 2020 were incredibly choppy for BTC and plunges to a major low and then shoots to a major high by december. So I am being patient with this and taking it one day at a time and looking to gradually add on weakness and not chase strength.
