Good evening to my friends and haters
After a lot of time spent revising the calculations & days flip flopping my initial bearish thesis due to numerous toxic comments that ive been receiving on here and tradingview
here are my current thoughts on BTC:
2 Options
1.) My primary forecast is still the bearish move mimicking XRP back in December back then price moved sideways/diagonal fashion in a running triangle , during that time price ran the triangle highs/wicks before sending it down violently in the form of a complex wxy correction
2.) An alternative count however would be a bullish move in a form of a wave iv triangle consolidation (grey marker). I give bulls the benefit of the doubt that this asset still has a chance of making an ATH as other Defi Coins and ETH have recently broken their prior historical highs( you can play the long side for the triangle set-up, its a risky one however imo as high bearish funding will eat up most of your gains so you end up losing/ or position gets liquidated anything above 50x)
But then again it could also be the other way around
Because we know for a fact that bitcoin is king and the market leader in this space. It could be that money is being "distributed"/ flowing out from BTC and then recycled into majors as bitcoin bulls have simply ran out of momentum and time. This could explain the numerous failed attempts of bitcoin rallying with alts that are simply going "STRAIGHT UP"
Having said that i don't recommend shorting or longing at this funny level. I would wait for liquidity to be generated before executing a trade(preferably a short/if we get it) targeting 20k's. and with tight risk management ofcourse
Lastly to all haters out there trolling my posts. My ideas are not static because markets are fluid and dynamic, opinions of mine do not necessarily reflect a position and my forecasts can change at anytime as markets shift in either direction. I ve been in this space for over 4 years now and barely trade with leverage anymore as i ve cashed out my gains at the end of 2019 to pay all of my debt (student loans/car loans etc)turned 3 BTC to 26 BTC at bitmex at the end of 2019. I do not have a position bias affecting my ideas posted here. I only post here during my free time and whenever im bored.
After a lot of time spent revising the calculations & days flip flopping my initial bearish thesis due to numerous toxic comments that ive been receiving on here and tradingview
here are my current thoughts on BTC:
2 Options
1.) My primary forecast is still the bearish move mimicking XRP back in December back then price moved sideways/diagonal fashion in a running triangle , during that time price ran the triangle highs/wicks before sending it down violently in the form of a complex wxy correction
2.) An alternative count however would be a bullish move in a form of a wave iv triangle consolidation (grey marker). I give bulls the benefit of the doubt that this asset still has a chance of making an ATH as other Defi Coins and ETH have recently broken their prior historical highs( you can play the long side for the triangle set-up, its a risky one however imo as high bearish funding will eat up most of your gains so you end up losing/ or position gets liquidated anything above 50x)
But then again it could also be the other way around
Because we know for a fact that bitcoin is king and the market leader in this space. It could be that money is being "distributed"/ flowing out from BTC and then recycled into majors as bitcoin bulls have simply ran out of momentum and time. This could explain the numerous failed attempts of bitcoin rallying with alts that are simply going "STRAIGHT UP"
Having said that i don't recommend shorting or longing at this funny level. I would wait for liquidity to be generated before executing a trade(preferably a short/if we get it) targeting 20k's. and with tight risk management ofcourse
Lastly to all haters out there trolling my posts. My ideas are not static because markets are fluid and dynamic, opinions of mine do not necessarily reflect a position and my forecasts can change at anytime as markets shift in either direction. I ve been in this space for over 4 years now and barely trade with leverage anymore as i ve cashed out my gains at the end of 2019 to pay all of my debt (student loans/car loans etc)turned 3 BTC to 26 BTC at bitmex at the end of 2019. I do not have a position bias affecting my ideas posted here. I only post here during my free time and whenever im bored.