BTC dropped to 7.2k, what should you do?
ok. so this is lucky, almost whenever i write an idea about dropping, it happened in 3 days or one. that is a lucky.
anyway, price broke the support at 77, dropped to 7.2 and bounced to 7.4ks. i sold most of my shorts from 8.7k.
now in terms of abc correction, we would see one more drop, since 50/200ma daily has dead crossed, as well as it has not
touched to trend line at 7.2/7.18k.
so in coming days, it could test 7.5~7.6k, but it could just drop right away to 7.2k area again.
if that happens, i think we should buy long.
and, it can drop again a bit after bounce maybe next week early, but it would most likely go test the upper area at 7.5~7.6ks, maybe bit more.
after that it could drop to support, and finally, i think it would surpass the falling wedge resistance, and go to 8k area.
and...that would be it for this 7k. after that i think it would drop to low 6k or lower then that. but this could come early november.
there would be a christmas rally from early December, at all times. it could start from 6k area or 7k area not sure yet.
anyways,
now you see the 21ema acting as support, monthly wise, at 6900. it will not go below that short term. people who say
stuff like it goes to 5k, they does not look at monthly candle and support lines. so just like 7700~8700 zone, now we have 7k~8k zone for some times now. this could go for short term 2~3weeks, but maybe 2 months. we will see what happens.
so try to buy longs at low 7ks, stoploss is 6780(it does not seem possible but who knows).
and altcoins, bitcoin cash looks good. hardfork nov 15th, it will not always remain in the buyzone guys.
btc price now at 7.4k is not bad to go long, but just try to buy in order down to 7k. this should not finish with one drop.
good luck.
anyway, price broke the support at 77, dropped to 7.2 and bounced to 7.4ks. i sold most of my shorts from 8.7k.
now in terms of abc correction, we would see one more drop, since 50/200ma daily has dead crossed, as well as it has not
touched to trend line at 7.2/7.18k.
so in coming days, it could test 7.5~7.6k, but it could just drop right away to 7.2k area again.
if that happens, i think we should buy long.
and, it can drop again a bit after bounce maybe next week early, but it would most likely go test the upper area at 7.5~7.6ks, maybe bit more.
after that it could drop to support, and finally, i think it would surpass the falling wedge resistance, and go to 8k area.
and...that would be it for this 7k. after that i think it would drop to low 6k or lower then that. but this could come early november.
there would be a christmas rally from early December, at all times. it could start from 6k area or 7k area not sure yet.
anyways,
now you see the 21ema acting as support, monthly wise, at 6900. it will not go below that short term. people who say
stuff like it goes to 5k, they does not look at monthly candle and support lines. so just like 7700~8700 zone, now we have 7k~8k zone for some times now. this could go for short term 2~3weeks, but maybe 2 months. we will see what happens.
so try to buy longs at low 7ks, stoploss is 6780(it does not seem possible but who knows).
and altcoins, bitcoin cash looks good. hardfork nov 15th, it will not always remain in the buyzone guys.
btc price now at 7.4k is not bad to go long, but just try to buy in order down to 7k. this should not finish with one drop.
good luck.