I'm actually staying out of trades, I caught most of this pump up but it's looking bullish still.
First top of ~$9700 we got smacked down HARD. This top of ~$9700 we barely got smacked at all, and volume is increasing ( coinmarketcap.com )
We're at a pivotal point in BTC and it can go either way but if I was going to...
All my charts I make and indicators are saying it's going down but something feels off.
I'm currently short with a stop loss but for the first time I'm not confident about it. Even if I'm wrong, normally I enter the trade for a reason and I can't confidentley say this will happen.
Have to stay true to my charting though and I'm short, this is what I'm trading.
You have time, it's not going to break anytime soon. The next support has been proven and don't expect it to be easy.
The fact is though, selling pressure is high and candles don't lie. We're going to break this support and move on. It may just end up being another retracement or send us down into the 6s -- I don't know that part... I do know that we will break...
Wish I saw this before, always learning.
Noticed the bull flag and was scared of it, but as you know those patterns don't always follow though. The candles though definitely confirmed the pattern and wish I saw that.
The resistance is holding and we're in a bear market. Just woke up and saw this, going to look for more confluence and wait for another bump before shorting but, it's looking like the same thing over again.
Strong .618 Fib support along with some other key supports that should keep BTC from dropping long term below 8750 and sets us up with a good risk/reward ratio and good probability.
Trades like this is what we trade for.