Possible Bull Market Sign
Updated
After much patience waiting, the market sentiment appears to be bullish within the bearish outlook. I personally don't recommend a long here due to the risk of a wave failure that brings us back to the bearish chart. (Big Fall to 8k) But I always keep both long and short possibilities open so here is what i think if going for a long here. (Note that I am still a bear and I have a short open, betting on a wave failure)
Trade 1)
A pullback at around 12K ~ 12.6K is expected to around 11K as the bottom of that pullback. So entering a long here at 11.3K would probably net you nothing for a hold. But for an intraday trade or quick swing hmm... possible with an upside of $700 ~ $1,300. Given the current risk, I personally would wait till the pullback to make a long entry and confirm if that bottom is really supported for the short term.
Trade 2)
Assuming wave 4 is indeed supported at 11K, the upside for that trade is roughly $2,000+ with the peak around $13,500. This completes the bigger wave 1 and wave 2 will start a big pullback which I expect to end around 0.382 which is 10K. It is unlikely to go all the way to 0.618 since the sharp pullback would be better left for wave 4 imo but that's subjective. Nonetheless, it makes no sense to hold. Thus this trade is also a intraday or quick swing.
If you want a long term swing trade to hold instead of hodl, then you may want to be patient and wait till we peak at the end of wave 1 @ 13.5k and enter on the pullback around 10k. I'm a little upset lately because I was blame for causing some ppl to miss out on long opportunities due to my bearishness. So I will add here that this is not financial advice but just an outlook of the market in the mid term. Ultimately, you make your own trade and my recommendation is always to watch your risk. Maybe you make lesser, but at least you don't lose hard. Good luck!
Trade 1)
A pullback at around 12K ~ 12.6K is expected to around 11K as the bottom of that pullback. So entering a long here at 11.3K would probably net you nothing for a hold. But for an intraday trade or quick swing hmm... possible with an upside of $700 ~ $1,300. Given the current risk, I personally would wait till the pullback to make a long entry and confirm if that bottom is really supported for the short term.
Trade 2)
Assuming wave 4 is indeed supported at 11K, the upside for that trade is roughly $2,000+ with the peak around $13,500. This completes the bigger wave 1 and wave 2 will start a big pullback which I expect to end around 0.382 which is 10K. It is unlikely to go all the way to 0.618 since the sharp pullback would be better left for wave 4 imo but that's subjective. Nonetheless, it makes no sense to hold. Thus this trade is also a intraday or quick swing.
If you want a long term swing trade to hold instead of hodl, then you may want to be patient and wait till we peak at the end of wave 1 @ 13.5k and enter on the pullback around 10k. I'm a little upset lately because I was blame for causing some ppl to miss out on long opportunities due to my bearishness. So I will add here that this is not financial advice but just an outlook of the market in the mid term. Ultimately, you make your own trade and my recommendation is always to watch your risk. Maybe you make lesser, but at least you don't lose hard. Good luck!
Note
I should add that the daily indicators looks bearish imo with a potential for a major pullback which is why I am still bearish overall. But because MACD cross above 0, it can also be interpreted as a positive sign for an uptrend... so... its conflicting and the 4H is some neutral on the short term thus giving no real clue.Take this long at your own risk, k?
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