After 3 weeks It looks like we are finally here? There is support at $47k and is a potential bounce point so the dip might be delayed by a few days / not happen - red arrow
IF the drop occurs here:
- MY TARGET: $37,900 / the stops behind the structure circled in pink. It is a stretch target as imao this is where the support really is - $41k looks too obvious and weak although the general price action is bullish so I'm not discounting this as an entry point but risky if using leverage - both financial an mental.
- IDENTIFYING BOTTOM: Structure wise I'm waiting for an initial large bounce (possibly up to $45k), then a dip below this mark - estimated on day 2 of drop. This will offer up a safer entry point for me. I'm not expecting a quick dip - 1-2 days sitting at the bottom of this range
-- USD to Target
-- All in at Target long for next month
Note to self:
- Both log and linear lines on this chart so can be confusing at an hourly timeframe - Yellow are log (long-term)
- All the above is hypothetical but someone stole my catalytic converter from my car yesterday and it needs some money to replace it so worth a shot :(
Best, Hard Forky
IF the drop occurs here:
- MY TARGET: $37,900 / the stops behind the structure circled in pink. It is a stretch target as imao this is where the support really is - $41k looks too obvious and weak although the general price action is bullish so I'm not discounting this as an entry point but risky if using leverage - both financial an mental.
- IDENTIFYING BOTTOM: Structure wise I'm waiting for an initial large bounce (possibly up to $45k), then a dip below this mark - estimated on day 2 of drop. This will offer up a safer entry point for me. I'm not expecting a quick dip - 1-2 days sitting at the bottom of this range
-- USD to Target
-- All in at Target long for next month
Note to self:
- Both log and linear lines on this chart so can be confusing at an hourly timeframe - Yellow are log (long-term)
- All the above is hypothetical but someone stole my catalytic converter from my car yesterday and it needs some money to replace it so worth a shot :(
Best, Hard Forky
Comment:
looks like we will run shallower. still expecting the retrace down from the resistance at 48k
Trade closed: target reached:
That is the end of the correction imo
ran shallow
ran shallow
