Triple Bottom? Why you do this to me bitcoin!
I don't believe this. It looks like we may be doing a triple bottom after all. That way all the bulls buying higher on shallow pullbacks will get scared and sell at a loss and all the bears waiting for a double bottom at 28.8 or a lower low will wind up buying in higher again.
I was hoping we were so bullish that we would attack the upper 30s with no more bearishness. But the market is still shaky. We are still in a downtrend, so people will be selling and taking profit at every resistance level. Based on this analysis of current market conditions the next strong upward reaction probably won't occur again until we get a full .618 retracement of this move back down to 31.1k.
This is my 'bearish' take on bitcoin. I'm probably just going to hodl my trade, unless we get a weaker retest of 34k first, at which point I might sell and wait for either a lower portion of the right shoulder of an inverse H & S to form or for the triple bottom to play out. But at this point I know where this market is going very soon, it is up. We will all make money no matter where we find buyers again down at these levels.
I was hoping we were so bullish that we would attack the upper 30s with no more bearishness. But the market is still shaky. We are still in a downtrend, so people will be selling and taking profit at every resistance level. Based on this analysis of current market conditions the next strong upward reaction probably won't occur again until we get a full .618 retracement of this move back down to 31.1k.
This is my 'bearish' take on bitcoin. I'm probably just going to hodl my trade, unless we get a weaker retest of 34k first, at which point I might sell and wait for either a lower portion of the right shoulder of an inverse H & S to form or for the triple bottom to play out. But at this point I know where this market is going very soon, it is up. We will all make money no matter where we find buyers again down at these levels.