Alright boyos - heres whats goin down..
1. Were forming the "X" point of a bullish butterfly after getting rekt down to mid 7000's
2. Weve got a nice bull flag so far, should take us to 9650 resistance, will get rejected at first down to what will soon be support at 9350 and bulls will rally to just UNDER 10k
3. Bears will step in and take us down for an 8k test, which will hold and slingshot us back to "C" point on the butterfly - our old friend 9350.
4. Theres an SEC hearing on 2/6 regarding crypto: www.banking.sen...ex.cfm/hearings?ID=D8EC44B...
This will i.m.o not be good news ( could be wrong here ) and we will see a pretty terrible drop to ( at least ) the long term trend line of about 6800
5. The whales will load up and then we go for a nice long bull run, 14 k anyone?
** The SEC hearing could drop us further, to potentially as low as upper 5000's - this is probably the last chance for cheap Corn my friends.. **
1. Were forming the "X" point of a bullish butterfly after getting rekt down to mid 7000's
2. Weve got a nice bull flag so far, should take us to 9650 resistance, will get rejected at first down to what will soon be support at 9350 and bulls will rally to just UNDER 10k
3. Bears will step in and take us down for an 8k test, which will hold and slingshot us back to "C" point on the butterfly - our old friend 9350.
4. Theres an SEC hearing on 2/6 regarding crypto: www.banking.sen...ex.cfm/hearings?ID=D8EC44B...
This will i.m.o not be good news ( could be wrong here ) and we will see a pretty terrible drop to ( at least ) the long term trend line of about 6800
5. The whales will load up and then we go for a nice long bull run, 14 k anyone?
** The SEC hearing could drop us further, to potentially as low as upper 5000's - this is probably the last chance for cheap Corn my friends.. **
Trade active:
First target reached, bull flag retrace at 8200's second target coming up - 9650 - prepare for dat rejection boyos
Comment:
Did not see the 50SMA @ 9350 - going to be tougher than i though, we will probably need a pretty big dip before we take that on, to around 8750
Trade closed manually:
We did not bounce high enough to call this a butterfly - still think we go up from 8000 area, but have to reasses