Be Aware Of THIS Scenario 2.0
Updated
Be Aware Of THIS Scenario 2.0
As I said on my last update, it looks like we're going to drop again.
It all looked bullish for a while, but since everyone was sure we had a bounce at $9,200 this support simply could not hold.
Let's move on to the scenarios before Bitcoin breaks through the $10,000:
Scenario 1: We form an expanding flat and test either MA 50 in the 4hr chart or MA 200 in the 1d chart.
Scenario 2: We form a running flat and test $8,800
In my opinion we'll form an expanding flat (Scenario 1) instead of a running flat (Scenario 2).
Since many people, including 'top authors' are expecting a bounce at $8,800, it will probably not hold.
But you can never be sure.
This drop could also change the view of the idea '' Watch Out When Breaking $10,000 '' - depending on how people react to this drop.
Btw: Although I'm still very bullish on Bitcoin Cash, it's very likely that it will drop again with almost all altcoins.
If it drops with Bitcoin, I'm still very sure that it will shoot in the near future.
As I said on my last update, it looks like we're going to drop again.
It all looked bullish for a while, but since everyone was sure we had a bounce at $9,200 this support simply could not hold.
Let's move on to the scenarios before Bitcoin breaks through the $10,000:
Scenario 1: We form an expanding flat and test either MA 50 in the 4hr chart or MA 200 in the 1d chart.
Scenario 2: We form a running flat and test $8,800
In my opinion we'll form an expanding flat (Scenario 1) instead of a running flat (Scenario 2).
Since many people, including 'top authors' are expecting a bounce at $8,800, it will probably not hold.
But you can never be sure.
This drop could also change the view of the idea '' Watch Out When Breaking $10,000 '' - depending on how people react to this drop.
Btw: Although I'm still very bullish on Bitcoin Cash, it's very likely that it will drop again with almost all altcoins.
If it drops with Bitcoin, I'm still very sure that it will shoot in the near future.
Note
There we go. A few minutes after publishing it just started dropping.
Right now the best is to sit in dollars.
But I am no financial advicer.
It's your own decision.
Note
Since someone has asked what if we drop here below $6,000, I can only answer that I publish only what I currently see. In trading it can change quickly.
It usually depends on how the market reacts to things.
And because everyone was expecting something, something else happened.
Note
Watch out should we break this trendline. This can go and break the $10,000 area from here. This would also mean that my idea of: 'Watch Out When Breaking $10,000' would still be valid.Note
Bitcoin Cash just broke the blue trendline and making a correction. After that it could shoot and break the other trendline.
By the way, if we are going up from here and it looks like that, then this idea is wrong and you can ignore it.
Sorry for that, but sometimes it is better to keep care and watch what the market is doing.
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