This is a bullish scenario, which I see more likely than the bearish.
The reason is simple: Technically, we dropped very slowly after the bounce at $10,000 and therefore we have a very low volume. These are signs for a correction as I had said before on another idea. Also it fits very well with my count (I am not using ew count). Now all we have to do is break through the trend line and make a correction. I've bought before already, because I could imagine we could make a big green candle if we break the trend line. You often know these situations and at the end you do not know if you should wait or buy now.
If I'm wrong and we drop, I'll end up losing 5% and looking at other situations. But you have the potential to make over 40% profit with Bitcoin. With altcoins it would be even more. Risk to reward is high.
Psychologically, an upmove would also make sense. I think many are looking too much for the possible triangle and the 6th of the month. I have to admit, I was too fixated on this scenario and looked for possible fools. But, and I have often made this mistake, it is also a trap, if you let others think you have to bounce off or break somewhere. In the end there is a trend reversal and many people miss the potential profit. I think you all know that. Later you do not know when and if you should go in there.
I expect a reversal at over $10.000 or at about $9,500 after breaking the ''triangle'' (which isn't one). The reason is that these are both scenarios where everyone would be bullish af.
Well that was it from me. Even if we go up I can not repeat it often enough, I still expect a final crash and I'm sure he'll come.
Depending on how long the correction takes. I'll keep you up to date.
The reason is simple: Technically, we dropped very slowly after the bounce at $10,000 and therefore we have a very low volume. These are signs for a correction as I had said before on another idea. Also it fits very well with my count (I am not using ew count). Now all we have to do is break through the trend line and make a correction. I've bought before already, because I could imagine we could make a big green candle if we break the trend line. You often know these situations and at the end you do not know if you should wait or buy now.
If I'm wrong and we drop, I'll end up losing 5% and looking at other situations. But you have the potential to make over 40% profit with Bitcoin. With altcoins it would be even more. Risk to reward is high.
Psychologically, an upmove would also make sense. I think many are looking too much for the possible triangle and the 6th of the month. I have to admit, I was too fixated on this scenario and looked for possible fools. But, and I have often made this mistake, it is also a trap, if you let others think you have to bounce off or break somewhere. In the end there is a trend reversal and many people miss the potential profit. I think you all know that. Later you do not know when and if you should go in there.
I expect a reversal at over $10.000 or at about $9,500 after breaking the ''triangle'' (which isn't one). The reason is that these are both scenarios where everyone would be bullish af.
Well that was it from me. Even if we go up I can not repeat it often enough, I still expect a final crash and I'm sure he'll come.
Depending on how long the correction takes. I'll keep you up to date.
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We already broke the trend line as you can see. Hopefully the small bull flag plays out and is enough to break $7,800 area.
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Possible trend line test on log chart before going down be careful:
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People getting bullish again. We could make an ending diagonal here and drop one more time before going up. New idea coming soon.
Shorts:
Longs: