Not the Dip to 8k
Updated
I am keeping this neutral because i am NOT 100% confident on this sub wave count, given how little data there is to work with. But this peak at $11900 is just the peak of sub wave A, with some room to $12200 as the absolute peak. It's not a very safe position for shorting, but can be an opportunity to add to an existing long position if it dips down to 9.9k. The last bottom we had on yesterday's bounce was around $9250 so this new dip will offer another potential chance to buy in for the "bull trap" to 12.5k (Revised target).
To confirm this dip, we need $11400 to be broken, then $10800. Technical have been bearish for the past few hours, but the bulls kept pushing higher and higher believing this was the rocket to 12.5k. Clearly market don't understand what is the timeline especially after they confused yesterday's bounce at $9250 as the end of wave C correction. I see many taking pride in buying the bottom of their new lambo and how they make a smart decision to put a limit order 10% above the market's expected rate. I can only say, don't cry later if you choose to HODL again.
PS: Like i mentioned in my other ideas, the timeline to 12.5k / 12.8k is over 3-5 days. Price cannot just move up in a straight line, there has to be sub wave within it that goes up and down. Also be on the lookout if we did not bounce at 9.9k and instead break pass 9.5k, panic selling still exist in this confused market.
To confirm this dip, we need $11400 to be broken, then $10800. Technical have been bearish for the past few hours, but the bulls kept pushing higher and higher believing this was the rocket to 12.5k. Clearly market don't understand what is the timeline especially after they confused yesterday's bounce at $9250 as the end of wave C correction. I see many taking pride in buying the bottom of their new lambo and how they make a smart decision to put a limit order 10% above the market's expected rate. I can only say, don't cry later if you choose to HODL again.
PS: Like i mentioned in my other ideas, the timeline to 12.5k / 12.8k is over 3-5 days. Price cannot just move up in a straight line, there has to be sub wave within it that goes up and down. Also be on the lookout if we did not bounce at 9.9k and instead break pass 9.5k, panic selling still exist in this confused market.
Note
That $11400 support line put up a really strong fight. I think it broke down at last, so next test is $10800.Note
The timeline for wave A extended, we haven't done this B dip yet and there has been no real progression today, just scalper's market. The major support level and bounce zone remains unchanged.Note
The bull trend remains intact on the 5 mins, going bullish again and reversing the short term bearish signs. These are my extended target if it continues to go up.s3.amazonaws.com/tradingview/snapshots/6/6EqzL8x5.png
Note
This is my last update and my last idea ever posted on tradingview. At this point, I am just very tired and annoyed at the traders / investors here. It's triggering me very badly that majority are so rude and genius at trading in a bull market.Despite posting ideas, I also do real time analysis to verify trends, entry points and reversal signs. But people mock me on low timeframe, can't ask me the right questions. Kept laughing at my nick, asking me to consult the higher timeframe. We're in a correction mode, we're downtrend overall, we are in a bull trap bounce, we're going sideway in this bounce. What do you want to know? Ask, not insult me.
This is currently a sideway market, and evidently hard to trade in the short term. But I offer aid to tide people through since people are looking for entries and not everyone is a HODL or swing trader. Day traders and scalpers don't like to sit around waiting for days with no profit, that's why we look at small timeframe. But I am sick of explaining and teaching. I'm frankly done, so good luck. Enjoy the chat room and their moon analysis.
s3.amazonaws.com/tradingview/snapshots/w/w3SwfHFw.png
Note
What do you know, the original target of dip to 9.9k hit exactly with 100% accuracy lol. What voodoo magic is this. I ensure you guys that its pure coincidence, please don't report me to the police. Technical indicators are showing confirmation of trend reversal on the 15, 30 and 1 hour after that bounce so we should be on track for that sub C wave up. That is assuming there are no major changes in fundamentals.
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