Corrections always happen in price and time, sometimes more from the one and less from the other, difficult to predict upfront!
Week or 2 ago when i predicted an upcoming relief rally for crypto's i did not know how high it could go than. With a big rally like we saw there, correction is much more in price than it is in time. The wave down was also much bigger from the 9800 to the 7250, to what we have now from the 9000 to the 7750 ( a few days ago). As my followers now i was short and i closed those position's around 7900 because i was expecting another correction. I have been waiting for several days, patiently, for the price to reach 8300/8400 and to build up a short position again. But instead of going sideways and making slightly higher prices (making a ) the market was just even much weaker than i thought and it kept making lower highs. So instead of making a (rising) it made a .
We saw several attempts from buyers to push price up, making multiple small rallies but each time the was failing and there was no follow through, no conviction! This market actually showed it's hand for the short term! Anyway, i missed my entry point to go short again and i am still flat waiting to make a good trade.
When we look at the chart, Price has finally reached it's targets of the i showed you 2 weeks ago and that purple triangle . About this purple triangle, funny thing is you don't see any other analyst showing that lower as the support line of the triangle, they all use the low at 7250. With things like this my tactics (tools) are different from most people. For me the 7250 is the end of that big wave down from 11700 to the 7250. This level is not the starting point for the correction, after we made that big short squeeze (which is mostly shorts buying back and NOT bulls buying. Bulls started to buy during that flag it made around the 8000 and up. That's why i placed the support line there and not from the 7250.
Maybe than you guys understand better why i kept on saying that at 11.700 would fail, but even more the one people have been shouting about the last few weeks on the 1hr chart. I have been telling many times now, TA is not just drawing lines that connect. Those connected points have to match to where the market is at that moment, it's short term plan. Anyway, that's just my humble opinion :)
This last triangle has a target slightly lower to where we are now, around 7300/7400. So price could still drop to those levels from here. Now targets do not mean they are turning points, it happens of course for the short term or long term, but that's just guessing. Now i missed my entry point to go short and i wont chase the market risking a loosing trade. I will keep on waiting. Maybe if we go up towards the 7800/7900 to test that blue triangle again, i could open up a short position. But i am not sure about that now. Could be i just wait it out even longer. The 7250 is an important level to watch, a break of this level could mean we can see an acceleration down.
As i am writing this we have dropped below the 7500 again
Wow what a massive rally now :) (just kidding). Looks like that wedge has some bullish power. Now it's important that it pushes through when it makes a bull flag
I have no regrets of my last long trade, was worth the risk.
Thing now is, i think it's best to take a day or to off, just wait what the market will do and than take a new fresh look at it again. Sometimes it's the most profitable strategy
Another option is this small bear flag, we just drop below it and continue down. If we break the low around 6600, i expect another acceleration down
The flag got tested on and started dropping again. Target of that bigger flag also got reached now. But i don't think it's the end of it. Unless selling volume drops
Bearish momentum is still high though!
I am out again guys, good luck
Let’s help him return his high position in the rating of TOP crypto analysts.
Hello Botje, Agree with your idea. My Chart idea above is one week "old". In my opinion still working as predicted. We will see a fall now to around 7.250 - 7.300. Than a retest at the main Neckline at around 8.000. And there we might have a very important decision. If BTC will cross this Neckline the correction might be over. If BTC will not be able to cross the 8 K we might see a deep fall to first 6K ,than maybe to 3 - 4 K. Lets wait and see. I will stay here and update my ideas frequently.
You do a very good and intensive Job here, respect.
Best wishes to all. Sascha