This is a fairly mundane simple 5 wave correction in play - bears in control, every rally not going anywhere near the 40 day downtrending moving average!
If you want to fill you bags lower then WAIT......It iwll go to about 25 K to terminate wave 3 down probably, then it will complex wave 4 in a range
between 25K - 38 K for a while like 2-4 weeks,
then a final...
There's no point selling out at this point if you haven't done it already....another 4-50% losses to come in next days to weeks....
The best policy here is to just HODL as you've already taken a 50% loss. There market in my opinion will recover but it will take months.
When there is a sign of recovery rally it will be obvious but will accumulate phase for weeks...
I think this sell - off is over briefly, as market consolidates....It should do at least ABC correction possible V shaped to the 3700- 3900 region or maybe a bit higher....
However, I think it will fail and test lower still so only doing swing trades UP not buying again for longer term HODL yet.
Not liking this set up for rest of ALTS, ETH new leader and its not going any higher for a while
writing is on the wall with strong bearish divergence signals ;
I am getting out now booking profits and getting back in LOWER, much lower
I have decided to pull out of being long for the time being - seems like too much overhead
supply and not enough legs on this bear bounce, another leg down in strong capitulation style
should clear the weak hands out before the bull run could resume....BEWARE IT COULD BE
Its done a AB but no C leg down and it will probably extend further...
I believe it hasnt got much higher to go now before Bitcoin pulls it down again to test recent lows...It could
fall from the right shoulder on "news' . So I am on the sidelines after a pretty weak bounce up really....
Technical analysis :
1. Just made a double bottom and not quite ABC correction, but could recovery rally to the 57 k
2. If doesn’t get that far in rebound, will resume and drop to next line as support at 52 k then rebound
3. Either way it should resume downwards as frightened players recover there losses back and selling starts again to capitulate down hard...
I am calling a sharp correction to test recent lows on the dailies and four hourlies...
I think there's a good chance it will be sudden and fast, spooking lots of late investors buying at the tops and also ALT coins going to the moon....'Good opportunity to collect below some good ALTS like ADA and DOT, LINK and others....
Looks like the projected typical correction has
Occurred in amplitude - I expect it will recover from here albeit slowly and form a lower high like a head and shoulders pattern.
Trade idea > buy for a small bill recovery only to the red line which is the volume most traded above
This makes me believe that computers trade the big two crypto with perfect double drives downwards to time entry on mid cap alts like Avax.
Timing the turning point up was not that difficult for a good 10% rally
1st buy limit 10 tokens at 185
This seems to be a fair set up for a pick up on a slightly larger correction based on technical swing amplitudes ( ON average).
There seems to be an ascending triangle forming with bears defending the double top break-out zone. I expect based on 15 minute chart that oversold levels will be tested soon in next 1-2days. This should...