So, as expected the head and shoulders pattern is playing out and I still don't understand why only a minority of us have mentioned it prior to the recent blood bath. Being bullish is nice, but never trade against higher time frame patterns. Odds are against you.
So, let's see where we are at now. We are currently sitting at the 0.618 fib, which should act as some sort of support. Selling pressure is huge, so I wouldn't get my hopes up so easily. The fact that we are just sitting there and not bouncing is also not a good sign. Possible relief rally should not be erased from the playbook.
Bottom: There are various scenarios to be honest. I'll go with the most bearish scenario, simply because it makes more sense to me. If BTC repeats the same correction pattern with 2021, we should expect a price of around $15,000, fib 1 level. Simple as that. And that would also mean a bear market. As stated in my last post, don't forget: no chart goes directly to the bottom.
Also, don't overcomplicate charts. I see so many CT influencers overcomplicating charts and using crazy indicators, that I think we've lost the plot somewhere. Keep it simple, trade levels, DCA if you can or stay out til we all feel more comfortable with the market. WAAGMI.
So, let's see where we are at now. We are currently sitting at the 0.618 fib, which should act as some sort of support. Selling pressure is huge, so I wouldn't get my hopes up so easily. The fact that we are just sitting there and not bouncing is also not a good sign. Possible relief rally should not be erased from the playbook.
Bottom: There are various scenarios to be honest. I'll go with the most bearish scenario, simply because it makes more sense to me. If BTC repeats the same correction pattern with 2021, we should expect a price of around $15,000, fib 1 level. Simple as that. And that would also mean a bear market. As stated in my last post, don't forget: no chart goes directly to the bottom.
Also, don't overcomplicate charts. I see so many CT influencers overcomplicating charts and using crazy indicators, that I think we've lost the plot somewhere. Keep it simple, trade levels, DCA if you can or stay out til we all feel more comfortable with the market. WAAGMI.