Now is a good time to start layering long positions for a second impulse off of this small retrace for those who missed the bus on the original impulse up. the BTCUSDSHORTS table shows the market entering about 2700 btc worth of short positions, nothing compared to the amount that previously entered longs but the rsi and macd are down ticking signifying that bulls are losing momentum short term, nothing to worry about just a short correction. After that we will no doubt see another impulse up because we have only made one impulse out of the falling bearish wedge and can expect at least 2 impulses in an abc correction before continuing the downtrend, we have also seen an improvement in market cap, increased trading volume since the pivot at 7300, a large rush into long positions on the BTCUSDLONGS which has only recently decreased very slightly in this correction. that said, I would buy now and add to my position off of any further correction which I believe we could see to the 8100-8k ranges at the very lowest, no guarantee it goes there though, but im confident it will go up so I will start buying now.
Comment:
starting to see resistnace at first target but no strength from bears yet, second target could easily be hit and most likely will be.
