The fact is that we needed a reset to a great "Buy" zone, at least that's the only way I am jumping in. I am a client at 7K or $4500. Your best bet is to continue to sit and wait. Our strategy is to find a low risk / high reward opportunities and milk it. The two opportunities that I see right now are marked with bright green X's on the chart.
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WHAT WAS HAPPENING THIS WEEK?
BTC was trying to fool you. You always want to find those little battlegrounds to see which side has the momentum, YOU HAVE TO DIG THE TRUTH OUT OF THE CHART. Right now the bears have it, it shows in that it is easier to go down than up. At this point, BTC has to be pumped up constantly and if not, it starts to range and then falls. Rewind to yesterday, the chart below shows the 6H timeframe and that triangle showed that after ranging sideways for a while BTC was going to fall. It's had a tough time going back over the 50MA so the signs of this big drop were there even though we were looking at a . I want you to pay attention here: The whales/Algos whatever you want to call them were printing a perfect (which for those that believe chart patterns it means we are going up), and I guarantee you that a lot of traders fell for it. Just as this flag was in the process of printing it was obvious that we were going down, why? because a reset is needed before we move up, and the next move up will be very strong so it needs a big dip before it happens. So what's next for BTC? It will take a rest at around $8500.
So as simple as I can put it, what were the signs that this was a trap?
1 We are under a Death Cross
2 We are on a secondary downtrend
3 We have not made a higher high in a long time
4 is down
5 We are in the middle of nowhere, it makes little sense to take off from here
We are even under a death cross on the Crypto Total Market Cap
When would it be a good time to jump in? Very simple.
If we hit complete bottom (Mother of all buy zones)
If we hit the Optimal buy zone
If we exit the .
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.