Poor bulls.. I feel so bad for anybody who tried to catch these breakouts and waited for an actually substantial dead cat bounce with any kind of high leverage.. over and over again bitcoin has conformed to a broadening falling wedge that calls for a breakout, but instead of giving the bulls any kind of substantial dead cat bounce to trade, bitcoin was so bearish that it promptly reversed back down and scared away\liquidated anybody who thought this could lead to a stronger dead cat bounce or even a retest of the highs..
And that's why (should) use stop losses kids!
Bitcoin is STILL within one gigantic falling broadening wedge again that is actually legit and confirmed and everything, but it is so freaking enormous now that I have a strong feeling that this entire correction might be confined within this huge corrective pattern, and that that breakout could maybe possibly be (perhaps) the actual trend reversal back upwards (MAYBE) that will confirm the bull market and possibly take us back up to retest the 20k levels eventually.
Personally I am still holding onto several short positions from the 13k and 14k tops (whatever is left from those positions) and i am planning to hopefully gradually exit them almost entirely in the 8k to 9k range, with many orders stacked up in the 8.8k area and the 8.2 area.
What do you guys think is next for BTC?
Share your thoughts in the comments!
And that's why (should) use stop losses kids!
Bitcoin is STILL within one gigantic falling broadening wedge again that is actually legit and confirmed and everything, but it is so freaking enormous now that I have a strong feeling that this entire correction might be confined within this huge corrective pattern, and that that breakout could maybe possibly be (perhaps) the actual trend reversal back upwards (MAYBE) that will confirm the bull market and possibly take us back up to retest the 20k levels eventually.
Personally I am still holding onto several short positions from the 13k and 14k tops (whatever is left from those positions) and i am planning to hopefully gradually exit them almost entirely in the 8k to 9k range, with many orders stacked up in the 8.8k area and the 8.2 area.
What do you guys think is next for BTC?
Share your thoughts in the comments!