Having failed that breakout masively and broken through all the support that has been built on the way up, the scenario now is as follows: we find a low above the former low, around 6250. Bounce to former support at slightly under 8k and then break down towards the capitulation area in the 1300-3000 range.
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Closing in on long target. If you took the short down to here, congrats!
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bounce looks good for retest of 8k, expect failure at 7.9 and possible slow bleed over a few months period.
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I have updated the chart and removed the clutter since I have forgotten to hide some of the indicators the first time I posted it. This is my theory for the next few months, I plan on sticking with it. Good luck!
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Lost faith in a lower low scenario, we're likely in the bull trap stage, I'm looking to long term short 8k. Also watch out for altcoins once we start dropping from 8k, make sure you've accumulated the bottoms and wait for the green!
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Definitely looking bottomy here
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I don't really like the way we've come up here to the 8k range, I mean it was a beautiful thing to see, but it also has me questioning whether we're going for another push up. Target 1: 8500; Target 2: 9600, I won't take the short yet.
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With the first target of the bulltrap reached and bitcoin having failed to break above all week, I'm watching for a possible fractal to reoccur that would start with a dump after the weekly close and a continuation into next week.
Trade active:
Shorted, got an 8527 average. If my bearish play is going to happen, this is the place to start dropping from.
Trade closed: stop reached:
I stopped out and flipped bullish before this breakout. It made for a very nice scalp, i'm short 8800's for a potential pull-back but this can just keep going up for a while. Planning a major short in the 9200-9600 area.
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I'm excited!